UK Free Trade Agreement
According to Economy Watch, free trade agreements allow trade between countries without government interference. They minimize the complications involved in commercial exchange, in order to boost trade. The United Kingdom benefits from free trade agreements established by the European Union (EU) and through its membership with the World Trade Organization (WTO).
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Policy on Free Trade
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According to the Department for Business Innovation and Skills, the United Kingdom consistently aims to increase trade with both developed and developing countries. It does this partly through its participation in organizations such as the EU and the WTO, which both aim to simplify the administrative procedures that get in the way of trading across borders.
European Union
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The United Kingdom joined the EU in 1973. Free trade among member states was one of the founding principles of the EU although it has since also established free trade agreements with non-member states including Chile and Lebanon.
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World Trade Organization
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The United Kingdom joined the WTO in 1995, although in reality, the EU conducts much of its participation. The WTO encourages and oversees free trade between nations, as well as assisting in the settlement of disagreements. Through its membership, the United Kingdom benefits from these settlement procedures as well as agreeing to help sustain a liberalized world trade system.
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