This paper sets out a clear legal framework to achieve these goals for future trade with the EU and the rest of the world which will make for future mutual prosperity. The UK must both negotiate the basis for trade with the EU while preparing as much as possible for its future trade with other countries, so all is ready for trade agreements to come into operation as quickly as possible with other trading partners. For trade with the EU two options are outlined, a free trade deal with the EU or, without one, trade under WTO rules based on the Most Favoured Nation principle. For trade with the rest of the world, it is proposed that most of the WTO groundwork should be prepared before March 2019 to ensure a smooth transition for importers and exporters around the world and at home.
Preliminary negotiations for bilateral and regional trade agreements with other countries should begin as soon as possible with a view to concluding these trade agreements as soon as possible after departure from the EU.