Britain Signs Post-Brexit Trade Deal with Fiji and PNG
Britain has signed a post-Brexit trade deal with Fiji and Papua New Guinea to allow businesses to keep trading freely, even in a no-deal scenario.
According to The Guardian’s report, UK’s Department for International Trade said the agreement would maintain access to goods including sugar and fish imported from the islands 10,000 miles away.
Total trade between Britain and the region is worth about 369 million British Pounds a year.
The deal eliminates all tariffs on all goods imported from Fiji and Papua New Guinea and will gradually remove around 80% of tariffs on UK exports to these countries.
It comes only a day after the government said it would slash tariffs to zero on the vast majority of imports to Britain under a no-deal Brexit, rendering the deal less significant for UK consumers.
The Pacific islands deal is part of the UK’s pledge to support developing nations and use trade to reduce poverty, but it also comes as ministers rush to sign deals with about 70 countries the UK trades with under EU free trade agreements, which are due to end in two weeks’ time.
Those agreements would, however, be rolled over if MPs approve Theresa May’s deal before 29 March or if Brexit is delayed through an article 50 extension.
The Pacific islands deal also comes days after the EU added Fiji to a tax haven blacklist.