ABSTRACT

One of the economic arguments in favour of the United Kingdom leaving the European Union was that the UK would regain control over its trade policy. The EU, it was argued, had failed to enter into trade deals with important economies including the United States, Japan, India, ASEAN and Mercosur (Vote Leave 2016; Department for Exiting the European Union 2017). Unencumbered by EU membership, this argument goes, the UK would be free to strike trade deals with countries around the globe. Not only would these be concluded more quickly than those negotiated by the EU but would also be more suited to British interests. British Prime Minister Theresa May made these arguments during her speech at Lancaster House, setting out the UK’s key negotiating priorities for Brexit. She argued that trade as a percentage of GDP had stagnated since the UK joined the EU, and “[t]hat is why it is time for Britain to get out into the world and rediscover its role as a great, global, trading nation” (May 2017b). According to this view, leaving the European Union would allow the UK to become a trading nation, renewing its links with the Commonwealth and creating closer ties with emerging markets in Asia and beyond.