Britain risks crashing out of 40 trade agreements in event of no-deal Brexit

LONDON -- Britain will risk crashing out of 40 trade agreements spanning five continents in event of a no-deal Brexit, the Confederation of British Industry (CBI) warned Wednesday.

John Allan, president of the CBI, said: "If the UK leaves the EU (European Union) without a deal, we could cease overnight to enjoy the benefits of tariff-free trade with, and preferential access to, markets of fundamental importance for British products and services, from Japan to Turkey."

"Many British firms are unaware that it's not just their relationships with EU customers at risk from a no deal Brexit, but relationships across the globe," he added.

He said "from rapidly growing creative firms trading with South Korea to specialist machinery firms trading with Mexico, these EU Free Trade Agreements have supported firms of all sizes to grow and could be lost overnight."

He highlighted that the looming danger was widely overlooked, and that it would pose a great risk for jobs in local communities.

"With the UK remaining a member of these deals throughout the transition period, we will then have the necessary time to focus on getting the trade deals that will lie at the heart of the UK's future prosperity right," he said.

Figures from the CBI showed that the share of EU trade benefitting from reduced trade barriers is estimated to reach 40 percent in 2019.