A free trade agreement Brexit (FTA Brexit) refers to the United Kingdom`s exit from the European Union with the goal of establishing a new trade agreement with the EU. This means that the UK will no longer be part of the EU`s single market and customs union, and trade between the two parties will be governed under new terms.

Free trade agreements are commonly used to promote economic growth by removing tariffs and other barriers to trade. The UK has been a member of the EU for over four decades, and during that time, it has been part of a single market that allows the free movement of goods, services, and people among member states. The Customs Union, on the other hand, enforces a common external tariff on goods imported from outside the EU.

In the absence of a free trade agreement, the UK would be considered a “third country” under EU rules, and many of the benefits of membership would disappear. This could lead to increased costs for businesses, longer wait times at borders, and reduced access to markets.

A free trade agreement between the UK and the EU would aim to minimize disruption to trade by eliminating tariffs and reducing non-tariff barriers. This could involve mutual recognition of standards, regulations, and certifications, as well as cooperation on issues such as data protection and intellectual property rights.

Negotiating a free trade agreement is a complex process that involves many issues beyond trade, such as immigration, security, and the role of the European Court of Justice. The UK and EU have been negotiating a new trade deal since 2017, but progress has been slow due to disagreements over key issues, including fishing rights and state aid.

In the absence of a free trade agreement, the UK and EU will trade under World Trade Organization (WTO) terms, which would mean tariffs and other barriers to trade. This could have significant economic consequences for both parties, particularly for the UK, which relies heavily on trade with the EU.

In conclusion, a free trade agreement Brexit would allow for continued trade between the UK and EU under new terms, while minimizing disruption to businesses and consumers. However, negotiating a new agreement is a complex process that requires compromise and cooperation on many issues. The outcome of these negotiations will have a significant impact on the future of UK-EU trade relations.