Shanker Singham, Director of Economic Policy of the Legatum Institute, London, a think-tank, gives in a podcast a tour d'horizon of the many positive opportunities the United Kingdom may open up after shedding the straitjacket of European Union's myriad rules and policies. These would capitalize on UK's unique strengths as leader of the Commonwealth, a champion of free trade, and the institutional depth of London as the world's leading financial center.
Possible examples include a free trade area of the British Commonwealth, a free trade agreement with India, trade deals with agricultural and fisheries exporting countries, including those in Latin America, outside the protectionist crutches of the Common Agricultural and Fisheries Policies, trade deals that leverage London's capabilities as a leading international financial centre, and mechanisms that minimize social and economic distortions of free trade between and within countries that have now spawned a wave of anti-globalization sentiments around the world.
Save a few minor references to China, the podcast makes no mention of the new British government's first major trade initiative - a new UK-China FTA. Though slowing down, China remains the world's second largest economy. Even growing at much more modest rates, China's annual incremental growth would be bigger than many small countries. Salient thrusts in the Legatim Institute's podcast notwithstanding, it begs the question where the UK's top priority trade deal should lie.