The EU remains the biggest economy in the world with the European Economic Area – tied together by the Single Market – being the biggest market on Earth too. However, Tory MP Andrew Bridgen told Express.co.uk this week that even if the UK leaves the bloc without a trade deal, it can sign new deals with Commonwealth allies and other emerging markets to overtake the bloc post-Brexit. This is part of the reason why the MP for North West Leicestershire opposes an extension to the transition period which ends in December.
Mr Bridgen told Express.co.uk: “If we had extended the transition period, that precludes us from doing trade deals with other countries who want to do a trade deal.
“America, Canada, Australia and New Zealand – we will get all of those – and I’m confident we will get them very quickly.
“And also that ramps up the pressure on the EU, because when you are buying off someone you only need choice don’t you?”
Mr Bridgen added that joining the Trans Pacific Partnership could help the UK outdo the EU.
He continued: “If we join the Trans Pacific Partnership, it will be a bigger trading bloc than the EU.
“And they aren’t asking to take our fish or be governed by their laws and courts.”
In January 2019, a senior Australian politician said the UK could encounter difficulty when trying to join the Trans Pacific Partnership.
Trade minister Simon Birmingham said: “I would imagine there would be nations in the TPP family willing to engage [with potential new members].
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Japan had been more welcoming, with the country’s economy minister claiming he’d like the UK to join.
He told reporters at the Japan National Press Club that negotiations about Britain’s entry into the free trade bloc can’t really take place as long as it remains an EU member.
The UK is also looking for a deal with the US, and International Trade Secretary Elizabeth Truss warned the UK would be tough in talks.
She said this week: “We’re not going to rush into a deal and there is no deadline. We will be tough in pressing our interests.
“The US talk a good game about free trade and low tariffs. But the reality is that many UK products have been kept unfairly out of their markets.”