British Prime Minister Boris Johnson hopes to sign a free trade agreement with the European Union by the end of 2020. While the EU enjoys a bilateral trade surplus in goods, the UK is far more competitive in the area of services. Johnson wants a majority in parliament to ratify the withdrawal agreement that he negotiated with the EU in October and produce an orderly Brexit on January 31, 2020.
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That will lead to an 11-month implementation period and free trade talks with the EU. During this time, a Johnson government will also start trade negotiations with countries like the United States. Given that it enjoys a bilateral trade surplus on goods that it wishes to preserve, the EU will likely accept a deal covering a vast list of goods. However, it could be more challenging to negotiate a free trade deal on services, as the UK is far more competitive in
that area than the rest of the EU.
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