BREXIT MEANS BETTER TRADE
Summary:
Brexit allowed the UK to develop fully digitised international trade solutions with like-minded countries such as Singapore – making trading around the world cheaper, easier and more secure for UK businesses.
Explanation:
Leaving the EU has allowed the UK to develop fully digitised international trade solutions with like-minded partners in the CPTPP such as Singapore, culminating in a world first accomplishment of a fully digital end-to-end goods shipment in September 2023.
As reported by The Straits Times at the time of the milestone world-first shipment, The United Nations Conference on Trade and Development (UNCTAD) estimates that the typical customs transaction around the world takes on average 40 different physical documents to be generated. This shipment took zero, completing all formalities “fuss-free and entirely online”.
This world-first was able to be completed between the UK and Singapore due to the comprehensive terms agreed between the two countries within the UK-Singapore Digital Economy Agreement – which was an expansion of the continuation trade agreement that the UK replicated from the EU when it departed in 2021.
Members of the EU delegate all international trade agreements to the EU, as is necessary as part of a Customs Union. So this world-first capability was only possible to complete, due to having left the EU.
Reference: https://x.com/biztradegovuk/status/1706264792925675640?s=20