UK prime minister champions global free trade

UK Prime Minister Theresa May this week advocated for free trade around the world despite voter doubt. May visited India on a two-day trade focused meeting.

For fashion businesses, free trade would mean the lifting of tariffs and duties to make pricing equal in local markets, something luxury brands would benefit greatly from. European brands who's goods are made in the EU will know their prices can be up to 50 percent higher in Asia, America, Russia and beyond.

Now that the terms of Brexit are being negotiated, the UK must adhere to leaving the European Union, which is why May will want to forge new trade deals as soon as the country leaves.

May stated: "Free trade creates a rising tide that lifts all boats. It makes us all richer. It creates jobs.”

Of course free trade agreements are complicated contracts between nations, who all have considerable self-interest to negotiate. It is not jus the free flow of goods between nations but also of people. India, for example, has experienced tough mobility conditions for its citizens, who cannot stay indefinitely for educational purposes.

The UK is currently unable to complete trade deals while it is still a member of the EU, however it can start discussions with markets such as North America, Australia and India.

Photo credit: Queen's University Belfast