According to the British Government, British ports and airports will be invited to bid to become one of up to ten Freeports. Additional details on how interested parties will be able to bid for Freeport status, will be soon announced.
The idea of Freeports in the UK aims to change the country's ports and airports into a more free trade, after the UK leaves the EU, on the planned 31st of October.
Freeports ensure Britain’s port cities and airports are ready to take full advantage of post-Brexit opportunities, including increased trade with the USA and fast-growing Asian markets as we sign our first free trade deals with global partners.
... the British Government added.
Moreover, the Brexit means that the UK will independently operate its trade policy for the first time in 45 years, implementing its own regulations and developing its own policies to further develop economies in the country.
As the International Trade Secretary Liz Truss MP commented
Freedoms transformed London’s Docklands in the 1980s, and Freeports will do the same for towns and cities across the UK. They will onshore enterprise and manufacturing as the gateway to our future prosperity, creating thousands of jobs.
UK is following the US's example on freeports' success, as they have innovated with the creation of more than 250 free trade zones, employing 420,000 people, many in high-skilled manufacturing jobs. If the UK model is implemented as successfully, it could have a significant economic impact.
Ports that have expressed interest in the bidding process are the Port of Tyne, Milford Haven and London Gateway.
Concluding, on Friday, July 2, the Secretary of State will see how becoming a Freeport could benefit one of the UK’s major ports in the Northern Powerhouse, Teesport, alongside Tees Valley Mayor Ben Houchen.
Following the rapid Brexit development, recently, Sajid Javid, announced £2.1billion in extra funding to prepare Britain for a no-deal exit. Thus, Richard Ballantyne, BPA Chief Executive, applauded the decision on the additional resources that will support the preparations.