UK May Turn To Trading With Russia More In Light Of Brexit, Impact Of COVID-19- Think Tank

The United Kingdom may look into expanding its trade with Russia despite the political differences, as it needs to offset trade losses arising from its withdrawal from the European Union, as well as the COVID-19 pandemic, the Westminster Russia Forum, a non-profit think tank promoting bilateral ties between Moscow and London, told Sputnik

MOSCOW (UrduPoint News / Sputnik - 31st July, 2020) The United Kingdom may look into expanding its trade with Russia despite the political differences, as it needs to offset trade losses arising from its withdrawal from the European Union, as well as the COVID-19 pandemic, the Westminster Russia Forum, a non-profit think tank promoting bilateral ties between Moscow and London, told Sputnik.

"We are well behind already, largely because of the impact of COVID as well, in terms of signing trade deals and we need them as the UK economy needs to continue producing. We need these deals in place, Russia has a lot to offer to the UK and vice versa. I think there will be a general push for better trade ties, but it will be really quite neutral," Nicholas Cobb, the chairman of the Westminster Russia Forum, said.

On Wednesday, the London school of Economics said in a report that Brexit would significantly affect the UK economy, including those sectors that have not suffered losses during the coronavirus pandemic, irrespective of whether Prime Minister Boris Johnson reaches a trade deal with the European Union or not.

The EU's chief negotiator, Michel Barnier, said earlier in the month that the EU and the UK were unlikely to reach an agreement on their future trade relations at this point, as London refuses to agree on the condition of open and fair competition. The EU official warned that tariffs and quotas may be reimposed if the sides failed to reach a deal by October "at the latest."