Brexit means that, for the first time in 40 years, the UK will have to renegotiate its trade and economic relationship with its largest trading partner. This paper sets out the key options and trade-offs for the UK Government in negotiating its future trade relationship with the EU.
The European Commission has suggested that the UK faces a choice for its trading relationship post-Brexit – to become a rule taker with full market access like Norway, or have a standard free trade agreement like Canada. The UK has rejected this “stark and binary choice” between two existing models, calling for a bespoke free trade agreement. This paper asks what the scope is to negotiate an arrangement between Norway and Canada, and highlights the key choices and trade-offs that need to be made.