While the pro-Brexit camp has welcomed the provisions of the bill, the pro EU camp has warned that Britain may not have the independent capacity to strike new trade deals with other nations.
On Tuesday, British Prime Minister Theresa May’s government said it will introduce a legislation in the parliament that will permit Britain to pursue an independent trade policy once it leaves the European Union.
The trade bill contains provisions to help Britain convert existing EU free-trade agreements into British ones once it leaves the world’s largest trading bloc, said May’s government.
The legislation also include powers to ensure that British companies can continue to access government contracts in other countries, including creating a new trade body to defend businesses against unfair trade practices, including dumping.
“For the first time in over 40 years the UK will be able to shape our own trade and investment agenda – and we are determined that businesses and consumers can take advantage of this opportunity,” said Liam Fox, Britain’s trade minister.
Supporters of Brexit have stated, the freedom to independently strike new trade deals, with nations including China, is one of the main benefits of the legislation.
Those of want Britain to stay within the European Union have warned that Britain does not have the individual capacity to negotiate dozens of new trade deals without the EU.
The bill is part of an array of legislation that is set to be discussed by the British parliament aimed at ensuring Britain’s smooth departure from the EU.
The British government will also submit a bill that will allow it to vary the customs duty on goods.