According to local media, in the climate of Brexit discussions that debated between MPs, the Secretary of State for International Trade, Dr Liam Fox, is of the opinion that the port of Southampton could gain many advantages from new trade agreements. According to Dr Fox, after the Brexit, on the 29th of March, UK will immediately begin negotiations with the US, New Zealand, Australia and discussions with countries in the Pacific Rim.
Mainly, Dr Fox commented that the UK had under consideration the possibility of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The latter, consists of 11 countries around the Pacific Rim, such as Australia, Canada and Japan, as well as some of the world’s fastest growing economies like Malaysia and Vietnam.
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Moreover, British sources noted that trade between the UK with US, Australia, New Zealand and the 11 CPTPP countries resulted to more than £7 billion to Hampshire and the Isle of Wight in 2018. Also, the trade gained more than £20 billion worth of products passing through the Solent in 2017, meaning 13% of the UK’s total trade with these countries.
The past few years, the port of Southampton has allegedly become UK’s major port for exporting cars and vehicles to 14 priority markets. Its worth was less than £6 billion in 2017.
Also, port of Southampton is the UK’s second busiest port after Felixstowe, holding 14% of the nation’s imports.
Port of Southampton leads the way when it comes to exporting since it handles £40 billion of exports annually, including 90% destined for countries outside the EU.
The total trade handled by the port is worth some £75 billion.
As stated by Dr Fox
For the first time in over 40 years we will be able to determine the terms of our trade, putting the UK at the heart of the world’s fastest growing regions such as Asia.
