Those arguing for Britain to leave the European Union (Brexiters) talked glibly of quickly achieving free trade agreements with major countries outside the EU once this is legally possible. But was such optimism justified?
There have been reports in the media that Australia has expressed willingness to conclude a treaty and that the Americans have retracted their earlier threat that Britain would be at the end of the queue for trade negotiations. But such reports need to be treated with caution.
It is incontrovertible that freeing trade from restrictions has added significantly to employment and prosperity. But "free trade" does not mean the abolition of all rules and regulations governing trade in goods and services, as some naive people seem to believe. A "bonfire" of regulations is "pie in the sky."