On Thursday, 23rd June 2016, Britain leaving the European Union was dubbed as ‘Independence Day’, a day for everyone to remember: pro and non-pro Euro skeptics, businesses and families will have to wait and see what policies the UK will devise before triggering Article 50. Despite the chaos that has transpired after the EU referendums’ vote, it is important to understand what free trade is and why we have it in place.
For various neighbouring economies to have some degree of economic success, it is imperative that these countries form healthy trade relationships. Free trade, which allows countries to import and export goods without any trade barriers, can be beneficial for countries involved by helping bolster economic growth; trade barriers being a government-imposed restraint. Understanding why free trade is advantageous can help us understand why it is done in the first place.
The report below, which is from a students perspective, gives you an insight into the trade relationship between these two economic powerhouses and helps you judge the importance of this deep-rooted relationship.