https://www.nibusinessinfo.co.uk/con...s-commonwealth
Quote:
The Commonwealth gives preferential trade access to its member countries, including the UK.
Commonwealth countries are also part of several regional trade groups, including:
the North American Free Trade Agreement
Africa, Caribbean and Pacific countries, which have a trade and aid agreement with the EU
the African Union
the Association of South East Asian Nations
the Asia Pacific Economic Co-operation
the Free Trade Agreement of the Americas
The EU and the UK have trade agreements with most of these organisations.
You'd almost think the current trade treaties that Britain has with the Commonwealth nations are there because the EU made them and once Brexit is done the EU will still have them and the UK may need to renegotiate depending on what the "preferntial treatment" in the first quoted line means.
http://thecommonwealth.org/media/new...th-post-brexit
Quote:
“We already know there’s a Commonwealth advantage in trading between member states”, said the Secretariat’s head of international trade policy, Dr Mohammad Razzaque. “Where the UK is already a significant trading partner, Commonwealth members can mobilise pro-active policy support to relatively easily expand trade further. In some cases, bilateral trading arrangements could also be the way forward.”
This doesn't exactly sound as though full free trade were already in place post-Brexit. Otherwise there would be nothing to expand.
Further looking into the paper linked shows this:
Quote:
Analysis presented in Commonwealth Trade Review 2015 shows that, even in the absence of any coordinated policy measures (i.e. not considering the option of establishing new trading blocs), there was the potential of additional exports of $156 billion, or 34 per cent of current intraCommonwealth exports. Of this, more than US$35 billion comprised potential exports from the UK.6
Doesn't say how much the UK could export with more treaties, but without more there is a potential of around 35 billion US Dollars (keep in mind this is a/the Commonwealth website). Now a simple Google search reveals that the UK currently exports around 220 billion British Pounds worth of goods and services to the EU (https://fullfact.org/europe/uk-eu-trade/), which is around 287 billion US Dollars according to our friend google. That leaves a difference of ~ 251 billion US Dollars in exports. Now they can still export to the EU but the tariffs will likely decrease the volume and also make imports from the EU more expensive if replacement suppliers cannot be found quickly. Consider also that the increase in Commonwealth trade is just as much possible without Brexit as the number refers to currently unrealized potential trade. I don't really see the monetary advantage of Brexit here. :shrug: The EU membership fee in 2015 after the rebate was 12.9 billion GBP according to the Torygraph (http://www.telegraph.co.uk/news/0/ho...ld-it-pay-for/).