IN A PAPER TO THE INSTITUTE OF ECONOMIC AFFAIRS, FABRICANT SAYS “LOOK TO AMERICA AND NAFTA IF WE VOTE TO LEAVE THE EU”
In an essay submitted to the Institute of Economic Affair’s latest prize for the best solution for the UK’s withdrawal from the EU, Michael Fabricant argues that the Britain should “look to America and NAFTA if we vote to leave the EU”.
The Institute of Economic Affairs (IEA) have launched the “Brexit Prize” for the best answer to how the UK could leave the European Union in an ordered way without damaging the UK’s interests. Co-written with the Welsh Conservatives’ Chief of Staff, Anthony Pickles, the call for bilateral free trade with the United States echoes the Prime Minister, David Cameron’s calls for a push for the EU as a whole to develop free trade arrangements with the US. The essay states that:
“The most obvious trade partner with whom to sign a bilateral deal would be the United States of America, if not joining the North American Free Trade Agreement (NAFTA) altogether. Firstly, the USA accounts for around 25% of world trade. The US economy dominated the world economy in the 20th Century and for the next 20 – 30 years at least shows little sign of waning. There is much talk of the rise of China and India economically, and whilst it is imperative that the UK increases both its imports and exports to India substantially from current levels, the United States remains the United Kingdom’s most important non-EU target market.”
Michael and Anthony conclude the essay by saying:
“The UK’s history, identity and culture is based on its global role. Since the UK came into being in 1707, it has always been outward looking and based on world trade. 40 years out of 306 years have been based on European policy and not global policy.
“Leaving the EU would allow a return to the UK’s natural state of being a world trader.”
Commenting on the IEA’s competition, Michael Fabricant says:
“I’ve decided to submit my thoughts on how a future Britain would operate in the world if our membership with the EU were to change dramatically. If we were to leave the EU, how would we make it work? I have always been an unashamedly pro USA Conservative for a very simple reason: namely they are our closest ally and trading partner and there is a true wealth of opportunity in developing the relationship further. I don’t for a moment expect to win the prize, but I do I want to put this type of thinking into the public arena – especially in light of the Syria vote and constant press questioning of the Special Relationship. The essay goes on to explore how we could still have a constructive relationship with the EU while being free to explore other markets and opportunities.
“I am initiating a more general debate in the House of Commons on Tuesday 8th October on UK-US Bilateral relations following the Syria vote and G20, but I will also be touching on some of these ideas there too” Michael adds.
Entries to the competition closed today (16th September) with judges including Lord Lawson and Ruth Lea choosing 20 essays to go forward to the next stage in October.
Further details of the IEA’s competition can be found here : http://www.iea.org.uk/brexit
The full essay in pdf format can be downloaded here: