News / Foreign Policy

Early 2017 best time to start Article 50: Liam Fox

Tuesday, 26 July 2016 10:07 PM [ Last Update: Wednesday, 27 July 2016 3:24 AM ]

Liam Fox, the British trade minister, makes a speech in London on July 4, 2016. (AFP)

Britain's Secretary of State for International Trade Liam Fox says next year could be the best time for Britain to start formal negotiations on withdrawal from the European Union so that a deal is reached before the 2020 national election.

Fox made the remarks in an interview with the Wall Street Journal on Tuesday, saying the timetable was still being debated by the new government but early 2017 could be the best moment for Britain to figure out its new relationships before the next general election.

The British top trade official noted that the United Kingdom would likely try to secure a free trade agreement with the 28-member bloc rather than a “customs union” due to ensuing restrictions that could affect its ability in negotiating lower tariffs with other trading partners.

Fox also described the UK economy after Brexit as thriving and stressed the potentiality of forging closer trade links with the US.

“The first thing is to dispel the idea that Britain leaving the European Union was somehow an anti-free market decision,” Fox said, adding that, “In fact, it was the reverse: in my view, it was about Britain becoming a much more outward-looking country.”

The new trade agreements would be between economies that were functionally similar rather than geographically proximate, he noted.

Fox said once the UK is outside the bloc, the country could reshape and liberalize its domestic economy, adding that, “We will have the opportunity to make our tax systems even more competitive, take an axe to red tape that can hinder businesses, and shape a bright future for the UK as a beacon for open trade."

On June 23, some 52 percent (17.4 million) of Britons voted in a referendum to leave the EU after 43 years of membership, while roughly 48 percent (16.14 million) voted to stay in the union.

The results of the referendum prompted David Cameron to step down as prime minister and leave the exit process to his successor, Theresa May, who was named within a few weeks after his resignation.

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