On the 24th June it was revealed that United Kingdom voted to leave the EU after a lengthy campaigning from both sides.

Now that the UK is no longer in the EU the country have to now establish new trading agreements, currently the EU has in force 32 trade agreements. However the EU has yet to secure agreements with highly economically successful countries: Japan, China, Australia, US and India.

This is due to the difficulties of negotiating each agreement with 28 different states – as each country has different agendas and priorities.

USA

Although during the campaign Barack Obama warned the UK that leaving the EU would result in the country being the “back of the queue” in regards to trading agreements, he has since changed his tune highlighting historical relationship between USA and UK.

Senior Economists in the US have suggested that the UKs leave will make negotiations with the UK on trade agreements will become easier. House of Representatives Paul Ryan has called for the USA to pursue free trade agreements (FTA) with the UK.

Australia and New Zealand

Both countries have been undergoing negotiations on FTA with the EU, but since changed priorities to the UK after the EU leave. Leader of Centre-left Labour party in New Zealand has asserted that the country should build on its relationship with UK to secure future trade.

Australian Prime Minister Malcolm Turnbull has forwarded suggestions that New Zealand and Australia team up to negotiate a single trading deal with UK.

India 

Potentially a key trade partner, India currently has a rapidly growing economy and has a population that is predicated to reach 1.7 billion by 2040. Although the EU failed to accomplish talks on trade deals, India’s policymakers believe negotiations could be settled quickly with the UK.

India’s deputy finance minister, Jayant Sinha said: “The UK is going to look to build its relationships with the rest of the world, and will seek to pursue new opportunities with us.”

Iceland

The first country to announce its consideration for offering trading deals with the UK after they left the EU, Iceland ‘s president Olafur Ragnar Grimsson invited British businesses to join “key area in the North” this would include Norway, Greenland and Iceland as well as Faroe Islands.

This would include all either members of overseas territories with people who have EU citizenship or members of European Economic Area (EEA).

However, experts have noted UK joining the EEA would need freedom of movement – a policy which is likely to put off prominent leave campaigners.

Mexico

Mexico already created draft trade agreements with the UK; with the intention to soften the blow the UK’s leave would cost the Mexican economy. The country has had trade agreements in place with the EU since 2000, although 0.7% of Mexican exports go to the UK Mexico’s finance minister has stated that Brexit could be a “great opportunity.”