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hello and welcome to another tldr brexit explained video one of the key arguments in favor of brexit was that it would allow britain to forge its own path going forward an independent britain able to create its own trade deals independent of the eu the hope was that with this power the uk could develop a whole swath of new deals building a bright new trading future for this island nation so with only days left until the uk officially leaves the eu the question is how's it going how many deals has the uk been able to agree and what will trade look like for the uk after brexit before we start about half of our viewers aren't actually subscribed the channel so if that's you then hit the big red button and ring the bell so that we can explain to you what happens now and after brexit oh and if topics like this interest you then we're launching a brand new channel in the new year which well it's top secret at the moment but there's a link down below and you can subscribe in advance to get all of the updates so let's just dive into the video what deals does the uk have in place for when they leave the eu at the end of the month well there are ing to the government's own website currently 30 deals in place and with some of these deals representing multiple countries the total country count is actually even higher which all certainly sounds pretty impressive but let's dig deeper and check out what these deals actually are for the sake of time we're going to filter out the deals which represent less than 10 billion pounds of trade each year no disrespect to the countries we're filtering out here we just don't want this video to become feature length so it makes sense for us to focus on the bigger more consequential deals so once we've done that we're left with seven deals to focus on japan switzerland zakum south korea singapore iceland and norway and canada despite all of these being trade deals and all of them representing more than 10 billion pounds of annual trade they certainly aren't all the same so let's run through them and categorise them further the broad groups will put them into continuity agreements temporary agreements and comprehensive deals these categories are pretty self-explanatory but let me go over them quickly continuity agreements are deals which essentially just replicate the deal the eu has with the country ensuring that the uk continues to have the same level of access they had before leaving the eu but essentially nothing more temporary agreements as the name suggests are just temporary like those continuity agreements they copy a lot from the existing eu deal but they're designed so that a full comprehensive deal can be forged in the future then there's the comprehensive trade deals which i don't think i need to explain they're brand new comprehensive trade deals rollover agreements are obviously virtually identical to the existing eu deals the other two exists on a spectrum with some very close to the existing deal and others offering substantially more than the uk already had as an eu member so enough setting up the categories let's start by looking at our first trade deal going from most to least valuable with 37 billion pounds in trade between the uk and switzerland each year this deal is the most valuable by some margin the stated objective of the agreement was to maintain trade between the two nations ensuring that there will be no new tariffs or duties on goods moving between the two countries allowing the uk to trade with switzerland in the same way it did when it was a member of the eu the deal also includes terms about ip agreements and geographic indicators meaning the two can work together to counter piracy and protect cheese one issue of the deal is that there's no agreement on financial services and that's simply because switzerland has no agreement with the eu currently on financial services so when the eu deal was copy-pasted this section was still missing as the uk has a huge financial services sector this is particularly important and a major miss for the uk regardless this deal is even called a continuity agreement so there's no doubt where it lands on the spectrum and with financial services emitted some are concerned how effective the deal will actually be the next deal we'll look at is the one with iceland and norway representing 27 billion pounds worth of trade each year this deal is again a continuity agreement allowing 95 of goods exported from norway and 90 of goods exported from iceland to remain tariff free the government estimates that without this deal customs on imports from norway and iceland would cost around 65 million pounds per year the british government actually goes out of their way to clarify that this means that fish fillets imported from iceland will not be subject to tariffs which should mean that there won't be any extra costs for britain's fish and chip shops this deal goes a good way towards maintaining the agreement the uk already has with the two nations as an eu member which could put it right in the continuity agreement category however there's a slight catch in that it's not designed to be a permanent agreement the uk is planning to negotiate a comprehensive trade deal with efta a group containing both countries which when signed would make this deal redundant so for now the deal's designed to simply maintain the status quo but it's hoped that a full deal could be developed in the future so at the moment we'll place it somewhere between continuity and temporary the next deal is with canada a country the uk does 22 billion pounds worth of trade with each year the deal the uk has concluded with canada is similar to the one it's done with norway and iceland at least in the sense that it's also a temporary solution again the uk and canada have agreed to their rollover trade deal with the hope of agreeing a comprehensive trade deal in the new year for now though they're just rolling over the comprehensive economic and trade agreements that exist between the eu and canada meaning that the current arrangements for goods and services being exported to canada will remain the same saving the uk an estimated 42 million pounds in tariffs this specifically means that car exports and agri food exports will continue to be able to go to canada with no tariffs this is clearly good news but again it's just a rollover of an existing eu deal so britain's not getting anything they didn't already have and it's only a temporary deal to fill a gap left by brexit next up we have singapore representing 18 billion pounds worth of trade you might be spotting a trend here because again this is a continuation agreement this means that the two will be able to continue trading tariff-free when it comes to 99 of goods customs duties will still be imposed on some goods though but they're expected to make it a hundred percent tariff free by 2024 exactly the same time that the eu and singapore are planning to remove such duties more interestingly with the specific negotiation though is that next year the international trade secretary will attempt to negotiate a digital economy agreement with her counterpart in singapore allowing for cross-border digital trade if this deal was struck the uk will be the first european country that singapore has signed such an agreement with so while the current deal seems very similar to the free trade agreement that singapore already has with the eu the digital economy agreement could seriously set the uk aside from the european union but for now though it has to be categorized as another rollover deal with 11.9 billion pounds in annual trade next we have sakum and this gets a little confusing because the eu already has a trade deal with the similarly acronymed group the sadc when you look at the countries included you'll notice there's a fair bit of double up the uk's deal covers all sacca members while the eu's existing deal contains some of the sadc's members i'll forgive you for being a little confused by this point but despite the uk and eu referring to them as different things and the sadc having a clearly superior anthem the list of countries the deal covers is identical anyway this specific agreement allows the uk duty-free and quota-free access to goods exported from the sakham countries except south africa the sacrum countries in return will ease tariffs on british goods over time and as with other trade deals geographic indicators will again be protected as will provisions to protect intellectual property so despite a confusing rebrand it seems that again the uk has just rolled over an existing eu deal and given it a new name only just behind sakhan when it comes to trade with 11.8 billion pounds each year comes south korea the eu already has a free trade agreement with the nation which the uk has tried to replicate with it again being officially called a continuity agreement this deal seems very similar to the other ones negotiated by the uk with it including agreements on tariff rate quotas rules of origin and rules of trading services this deal again seems to have successfully kept the uk on the same terms with south korea as it already had as a member of the eu you might be wondering at this point what exactly happened to japan well it seems the uk is so proud of this deal that they didn't even include it on the list instead giving its own section at the web page in october the uk and japan agreed to the comprehensive economic partnership agreement making it one of the first big trade deals the uk has reached this year the agreement broadly covered 10 areas which we covered in a video at the time that video is linked down below if you want more detail these 10 areas are pretty well comprehensive but not everyone agrees quite how radical this new deal is iana dreyer has claimed the deal is very similar to the one that already exists with the eu saying that the deal was an exercise of keeping the status quo david hennig agrees claiming that this is mostly just an extension of what's already there he says that the biggest win is simply that there is a deal dreyer claims that there are some extras that have been included in the deal such as digital and financial services however dreyer counted this and claimed that the digital elements of the deal were fairly meaningless so despite some disagreements between the two experts they seem to agree that despite this being a more comprehensive deal it fundamentally adds little to the agreement the uk already had with japan through its membership of the eu so that's what the uk's trading situation looks like at the moment at least when it comes to major deals it's worth noting that the uk does have mutual recognition agreements with the us australia and new zealand with these essentially helping to smooth over standards and legal requirements when trading goods but these absolutely don't impact things like tariffs and quotas so they're in no way trade deals also the uk is still working on deals with a bunch of other countries but again they're mainly smaller countries when it comes to trade the uk might have successfully been able to complete a lot of deals but ultimately a number of them are pretty small and even most of the big ones only really replicate terms they already had with the eu these continuity agreements could be built on in the years to come and the uk certainly does have the power to reach more radical and unique deals in the future but for now it looks like the uk isn't gaining anything they didn't already have before be sure to subscribe the channel and hit the bell icon to be notified as we release more videos on this topic and others special thanks to our patreon backers who make videos like this one possible and if you want to see your name at the end of videos then you too can back us on patreon the link to that's in the description you