The days of massive trading blocs are over. Even though Britain was the first country to choose to leave one this century through Brexit, President Donald Trump left the Transpacific Trade Partnership earlier this year and is in the middle of renegotiating his country's North Atlantic Free Trade Association membership terms. It seems that bilateral trade agreements are the way forward now.
Pure fantasy
But according to an Irish Member of the European Parliament and its Vice President, Mairead McGuinness, huge nations like the United States are still interested in forming trade agreements with gigantic blocs like the EU first.
Even though Australia has expressed its desire to form a trade partnership with the UK post-Brexit, they would prefer to arrange one with Brussels first apparently. The great irony behind her claim that Britain's post-EU trading ambitions are pure "fantasy" is that her argument the US and China both want trade agreements with trading blocs are actually pure fantasy.
The EU has a history of incompetence when it comes to forming trade deals. These actions speak louder than Ms McGuinness's words. Brussels has failed to forge trade partnerships with some of the globe's largest economies. The US and China both trade with them under World Trade Organization rules. Canada had to wait a total of ten years before it could finalise a trade deal with Brussels.
There are many other countries that they have failed to form trade deals with, and this list includes India, Brazil and Australia. Why would any of them intend to chase the EU for a trading agreement?
The EU's days are numbered
Since Britain voted to leave the EU on June 23rd last year, these nations have lined up to offer the UK trade deals that they are not able to negotiate whilst remaining members of the trading bloc.
Earlier this year, India reiterated its commitment to forging a trading agreement with Britain at the G20 summit. President Trump has also offered the UK a post-Brexit trade partnership. Regardless of how one feels about the current US President, he is this country's best hope of thriving outside the trading bloc. That is why former UKIP leader Nigel Farage was right to warn the Government that he may be finishing his second term by the time Britain leaves the EU completely.
Ms McGuinness is aware that the EU's days are numbered. She is more anxious about when, not if, the trading bloc collapses. Brexit represents the first step in achieving that aim.
