UK Trade in the Global Economy: Analyzing Trade Deals and Impact

This report provides an analysis of the United Kingdom's trade within the global economy, emphasizing the significance of international trade deals. It highlights the UK's trade partners, including the United States, EU, and China, and examines the composition of exports and imports. The report discusses recent trade deals with Japan, the EU, and Australia, and their potential impacts on various sectors. It further elaborates on the role of free trade agreements in fostering economic relationships and reducing tariffs. The positive impacts of these trade deals, such as increased foreign currency inflow, improved currency value, GDP growth, and employment opportunities, are also discussed. The report concludes by emphasizing the overall positive influence of trade agreements on the UK's economic activities.

GLOBAL ECONOMY

Table of Contents
INTRODUCTION...........................................................................................................................3
Task..................................................................................................................................................3
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Global economy is defined as the economic activities conducted to approach the
operations of the country. This project will discuss the various aspects associated with global
economy. Henceforth, report will be given an emphasis over UK trade in comparison to the rest
of the world. Some specific trade deals in relation to the United Kingdom with the rest of the
world will also discuss in this project. The impact of the trade deal over the United Kingdom will
also be a part of discussion in this project.
Task
United Kingdom is among the most significant economic destination at the global level.
The trade partner is defined as country's import and export and its contribution in the overall
economic development of the respective nation. The trade pattern further include the volume of
the trade of the country with the rest part of the world. The statistics clearly demonstrate that in
2019 te country has accounted to 43% of the total value of good and services has been exported
from outside the country. This is a massive number in respect to a developed nation which
demonstrate that the country is adjusting majority of its need from outside the part of country.
This is a great number associated with the United Kingdom as it is exporting of the overall
requirement attached with the goods and services of the country from any other country. Export
is the need or every country and in context top the 43% of the value of export which clearly
indicate the fact that country is fulfilling majority of its need from other country (Cingolani,
Iapadre and Tajoli, 2018). Export demonstrate as a fact that country is the fact that country is
well sufficient to meet its requirement along with offering its products to other part of the world.
The export support the country to bring foreign currency in the country. This is a crucial
advantage associated with United Kingdom that indicate the fact that in the overtake growth and
development of any country export play a crucial role. Country is currently exporting its good
and services at all different location at global level which include India, Japan, Rusia, United
States and all other countries at a global level. United Kingdom is exporting its automotive in
majority of its number. Along with car gas turbine is also the one that export in majority of
number by the country. Crude petroleum and gold is another suitable process that require for the
country to export to all different countries. The key advantage export provide is to support the
overall growth and development need of the entire country. The exchange of foreign currency is

also the one core advantage which country support when it comes to export the good and
services in other country. The total value of export made by the United Kingdom is reported as
141 billion. This is massive in number which contributed aggressively in the overall growth and
development of the country.
Further the market structure of the United Kingdom demonstrate that the total import of
the country is reported as 52% of the total import of the country belong to one single country that
is United States. The country become the largest important partner or trade partner of United
Kingdom. EU is another one that contain majority of trade with United Kingdom. This can
support as a fact that crude material, beverage and tobacco, unspecified goods and such products
are the one that majorly imported by the country (Schweller, 2018). China hold the biggest
power with the United Kingdom in term of the overall value of import is made by the country.
Along with that Germany, Netherlands are the further top nation create an imports with the
country. The role of the import is to mitigate the all different needs and requirement of the
people based in United Kingdom in term of different goods and services. All the import that is
made by the United Kingdom would play a significant role for the country to approach the
overall objective of the growth of the country. Economic activities of country is highly
influenced and based on the value of import that is made by the country and export that is lead
by the country.
The recent time the paradigm shift has been noticed in the United Kingdom. Various
trade deals has been signed by the country that could further lead the future of country. In the
global context the role trade deal play is to mitigate all different needs and requirements of the
country for addressing the rest part of the world. Trade deal is the open that country make in
order to exchange the good and services with other part of the world. IN the recent time United
Kingdom has signed the top three trade deal with the Japan, EU and Australia. In against to this
country has made 35 trade agreements with different part of the world. Trade agreement become
a crucial part of the import and export practices adopted by the country which favour and support
the country to mitigate its all the need and requirement of the country and its respective citizens.
Since the time of BREXIT United Kingdom hold the power to pursue its own trade deals
(Konings, 2018). This freedom of buying make the country more empowered to complete the
entire trade practise and meet all its various needs and demand of the country. Further the
country has focused towards the free trade deals as well. This is a policy that improve and

strengthen the economic relationship between countries by making the trade cheaper for the
stakeholders. This is a significant part of the economic development and growth of the country
which support the respective country to execute the whole trading practices. Usually the concept
of free trade is based on the tariff. Country usually reduces the amount of tariff over the product
which empwoer the country to execute its trading practices. For example a car importer might
have to pay a 20% tariff on top of the vehicle price (Welfens and Baier, 2018). The free trade is a
greater policy adopted by the United Kingdom that has supported the country to achieve better
growth and development opportunities of country in the market. Trade agreement further play a
role in removing the quotes for the country.
Recently the United Kingdom has attached a trade deal with the New Zeeland. Currently
the country is only associate with only .25 of the total trade of the country which further created
a huge boost in the overall trade relationship between United Kingdom and New Zealand
(Hirschman and Hall, 2020). The tariff has been removed over clothing and machinery which
could make the whole trade more profitable for the country. This deal could also damage the
agree culture sector of country as farmers has claimed that this deal could hurt the UK farmers
and could further lower the food standards.
United Kingdom has also signed a trade deal with the EU. The countries has tried to
establish the proper relationship in future context as well. EU has been the United Kingdom's
largest clothing partner. This deal could prevent any tariff quotas introduced which could further
make it more expensive for the trade. The United Kingdom need to follow the checklist of the
EU rules on product standard. Further some of the strict law of the EU In respect to the animal
product that would further result into a ban of the certain products offer by the United Kingdom
(Bown, 2020). This is certain stated as a fact that the country is constantly been involved in
establishing a positive trade relationship with all different countries and nations. United
Kingdom has also signed a trade deal with the United States. The United States has become the
biggest trading partner of the United Kingdom as one sixth of the portion or the value of trade
will be inserted with the United States only. This will be a greater and huge value that would
support to both the country to grow simultaneously and together and would further lead the
whole world. This agreement between the countries would further create massive growth and
development opportunities for both the nations that fundamentally support the countries to
progress at a good pace. Henceforth it is also indicate that this trade deal could further result into

the numerous employment opportunities that is created in the country (Jean, Martin and Sapir,
2018). The trade deal contain various areas that need to be dealt with the use of skilled human
resources at all different level. In such a situation the trade deal in between the United Kingdom
and the United States would further support both the countries to mitigate all its individual need
and requirement. This is certainly empowering for both the countries to take on the competitive
advantage against introducing the trade deal.
The trade deal of the United Kingdom has been signed with all different part of the
world. The impact of the different trade deal is such that the foreign currency has attracted by the
United Kingdom in massive amount. This is an important part of the trade agreement that
government make is to support the import of foreign currency into the country (Han and
Ghobadian, 2020). Further the value of currency also get improved due to the increase demand in
international market. Value of the currency further affect and influence to every single aspect of
the country. This involve the price of the product and services offer by the country, the cheaper
cost incurred against enjoying the product and service imported from other part of the world, the
increased buying capacity and power of the potential customer also become a potential impact
that is addressed against the respective aspect. The biggest impact United Kingdom trade policies
could create is in the form of improved the growth rate of the country. Currently the United
Kingdom is witnessing the rapid growth of country gross domestic product. The increased and
improved growth of the country become one of the major reason behind the increased internal
culture of the country. Today the different trade policies could create a massive growth and
development opportunities for both employee and the entrepreneur or the business person as
well. Government has tried to establish a culture where investor can also look forward to start the
own business houses so that better growth and development opportunities could have been
created by the stakeholder.
The biggest impact all the trade agreement made between United Kingdom and the rest of
the world has supported and favour the economic activity to grow and uplift. Employment
creation is a massive challenge that government all across the globe is facing. Due to the
constant level of support from all the different trade agreement that will further empower the
government to generate the employment opportunity (Dizaji, 2020). The agreement has not only
empowered the government to create new employment opportunity rather self employment in the
form of business and start up is also directed. This is a very important development that economy

of United Kingdom is witnessing. IN recent past time the total of start up initiated in United
Kingdom has increased immensely. Graduates and professionals stared to think not only about to
work as a professional rather to start the own business premises and entertain the competitive
edge in respective business environment.
The various trade agreement with all different countries such as United States, EU and
many other could create a very positive impact over the export of country. Currently the export
of country is rising at a pace of 4% every year. This is a very significant level of development in
the overall growth of the export in country. This is a massive amount in the form of increasing
the total value of export every singe financial year. Export attract the foreign currency and the
boost in the overall growth of the country GDP. Currently the GDP of country is rising at the rate
of 7.3% (Lando, 2020). This is a huge in number especially for the developed nation. After the
covid pandemic which could allow the economy to upgrade at a pace of -9.9% this is a huge
level of development which GDP has faced in the country.
There are various driver which could further contribute in the overall growth and
development of economic activity of United Kingdom. This has been supported as a fact that
these drivers involve the progressive approach taken by the government in United Kingdom. The
approach of the government play a significant role in the overall economic growth and
progression of any economy (Gillies, 2020). Further the environment in United Kingdom is well
developed. The business world of the country contain all the resources such as financial as well
skilled human resource that support the stakeholder for approaching the economic activities in
the best way possible. In order to deliver the commercial transaction skilled human resources
along with the financial stability are the two major factors and elements which support te
stakeholder for approaching the economic activities in the best way possible. Further the trade
agreement of the government has played a key role in improving the overall growth and
development possibilities of the business venture (Osborne, 2020). This could support the
business venture for improving the growth of the country along with supporting the economic
activities of the country. Along with this the market of United Kingdom contain all the aspect
and feature that is required for highly successful business scale. This is a necessary factor that
could support the stakeholder for approaching the trading activities in the country.

CONCLUSION
The United Kingdom has been engaged continuously in making trade agreement with all
different countries. The result of all these trade agreement is such that constant level of rise the
export and commercial activities associated with the business house. Further this has been
supported as a fact that the role these commercial activities could create is in the form of
economic growth of the country along with the creation of employment opportunity in the
country as well. Currently te GDP of country is rising at the pace of 7.3% that is a massive
number. Economic advancement of country is rising rapidly and all these agreement could boost
the overall growth and development possibilities of the whole country. The various drivers like
progressive leadership, availability of resources and such like aspect would affect and influence
the stakeholder for approaching the economic activities in the best way possible.

REFERENCES
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