UK Eyes Major EU Trade Deal at 19 May Summit - Standard Chartered

UK Aims for Comprehensive EU Trade Deal at 19 May Summit

The UK government is looking to leverage recent successes from trade agreements with the US and India to push for a new, more comprehensive trade deal with the EU. The upcoming UK-EU summit, set for 19 May, is seen as a critical opportunity to lower non-tariff barriers and improve trade relations between the UK and EU. While the UK remains outside the EU’s single market and customs union, the government aims to negotiate areas of mutual recognition or regulatory alignment in certain sectors. The ultimate goal is to achieve a trade deal that boosts UK exports to the EU, which remain disproportionately large in comparison to other markets. While obstacles remain—such as the youth mobility scheme and fishing rights—the political will on both sides to improve the trading relationship is stronger than at any point since the 2016 Brexit referendum. Standard Chartered economists see the EU-UK trade agreement as the largest economic opportunity for the UK.