Andrew Bailey, the Governor of the Bank of England, is urging for stronger trade ties with the European Union to mitigate the post-Brexit economic consequences. His remarks come ahead of a crucial UK-EU summit. Bailey emphasizes that repairing trade relations with the EU would benefit the UK economy, particularly as it faces challenges in international trade. The UK has recently made strides in trade diplomacy, signing agreements with countries like India and the US. Still, the need to address EU trade declines is pressing to support long-term economic growth.
Having a more open economy to trade with the European Union ... would be beneficial. There has been a fall-off in goods trade with the EU over recent years, and we must ensure Brexit doesn't continue to damage the UK's trade position.
Trade deals can be done, and trade is important. It's good news in a world where the effective tariff rate is higher than it was before all of this started.
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