Brexit mega-pact! Boris eyes extraordinary £58BN trade bonanza in South America

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Now free from the EU post-Brexit, one MP told Express.co.uk the UK was ready to “reset the clock” on its trade history with the continent. Mark Menzies, trade envoy for Peru, Chile, Argentina and Columbia revealed the opportunities for trade with the continent were “absolutely huge” for the UK. The Government has already signed deals with Columbia, Peru and Chile now the UK has left the EU, which Mr Menzies claimed caused Britain’s presence in some parts of the world to die.

Indeed, before the Second World War, the UK had been a major trading partner in South America but that trade trailed off after joining the bloc in 1973.

Speaking to Express.co.uk, Mr Menzies said: “In terms of growth, it is going to be absolutely huge.

“And bear in mind, we are starting from a low base.

“So the growth levels, potentially can be very large.”

In particular, the UK could see growth in terms of infrastructure, agriculture, green energy and education the MP for Fylde claimed.

In 2019, the UK signed continuity agreements with the three South American countries which replicated the existing deals with the EU.

While the deals may be valued lowly currently, the opportunity for increased trade is massive for the UK due to the exciting new opportunities for businesses.

Although some have criticised the UK’s exit, Mr Menzies insisted the South American countries have viewed Britain’s departure as an exciting chance to boost trade.

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Mr Menzies added: “In some of the British press, you’d have felt that everyone was viewing the UK as being isolationist.

“That Brexit was a bad thing but not at all, these countries were all wanting trade deals, they were wanting an opportunity, they saw it as an opportunity across a whole range of sectors to do business with the UK.

“And they saw it as an opportunity to begin to reset the clock that was stopped when the UK joined the EU.

“So this was something that was, you know, really exciting for them.

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“And I think one of the challenges known for us is to get British companies big and small, to start to get into markets that we may or may not have had a presence, you know, in some cases for decades.”

In a further boost for UK plc, both Chile and Peru are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Accounting for 11 countries across the world, the alliance covers 500 million people.

By increasing trade with some of the member states, the UK has been able to begin proceedings to join the alliance.

On June 2, the CPTPP approved the UK’s ascent to being the membership process which cut tariffs in a wide range of sectors.

As part of the alliance, it is hoped the drop in tariffs could build on the £58billion in goods the UK exports to the 11 countries.

Commenting on the membership, Ms Truss said: “CPTTP membership is a huge opportunity for Britain.

“It will help shift our economic centre of gravity away from Europe towards faster-growing parts of the world, and deepen our access to massive consumer markets in the Asia-Pacific.

“We would get all the benefits of joining a high-standards free trade area, but without having to cede control of our borders, money or laws.”

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