If the North American Free Trade Agreement (NAFTA) survives the renegotiation effort, The United Kingdom may be interested in joining the pact.
Reuters-London reports Britain could join a formal trade alliance with the United States, Canada, and Mexico if the European Union refuses to finalize a post-Brexit trade deal by 2019. Reuters says that if Britain did join NAFTA, exporters to the EU and North America would have to produce goods in accordance with the two separate sets of rules, according to trade analysts.
Britain, whose regulation has been within the EU for over 40 years, would also have to shift towards the North American model for trade. That comes as the BBC reports the profitability of the average U.K. farm could be cut in half after Brexit.
In 2014, the U.K. was reported to rely on the EU for 27 percent of its food imports. Just four percent of food items in the U.K. originated from North America, and 54 percent of food consumed in the U.K., originated in the U.K.
From the National Association of Farm Broadcasting News Service.