If no agreement is reached, the UK will face the prospect of trade with the EU according to the basic rules established by the World Trade Organisation (WTO). The UK has signed MRA which overlaps with the effects of existing EU agreements. These are expected to come into force on 1 January 2021. The withdrawal agreement allows EU agreements to apply to the UK by then. In November 2018, George Hollingbery, then trade minister, said the government was still optimistic about replacing most EU trade deals in time for Brexit day. He noted that the discussions had become more complex, as they had previously been based on a transitional period, but that the focus has now shifted “to the focus on key partners.” that no deal was a real possibility. He said it would be difficult to conclude agreements with some countries closely linked to the EU if there was no agreement with the EU. He also said that a previously announced agreement with the five members of the South African Customs Union (SACU) and Mozambique had not yet been reached. The European Union has free trade agreements  and other agreements with a trade component with many countries around the world and negotiates with many other countries.  The EU has concluded more than a thousand international agreements with third countries covering trade, aviation, nuclear cooperation and other issues. These no longer apply to the UK when it leaves the EU. The government has identified 157 agreements with non-EU countries that it is seeking to replace in the event of a non-Brexit deal. Some agreements have already been concluded, but most of them are in progress and some will not be in force by the day scheduled for Brexit on 31 October.
1) Source of trade statistics: ONS UK Total trade: all countries, not seasonally adjusted from April to June 2020. 3) The United Kingdom signed a trade agreement with Iceland and Norway on 2 April 2019. The agreement was signed to maintain continued trade and was part of preparations for a possible “no deal” Brexit. It will not come into force. The UK`s future relations with these countries are influenced by their relations with the EU, as they are EEA member states. We will continue to work with Iceland and Norway to determine the most effective method of maintaining and strengthening trade with them beyond the transition period. The European Court of Justice has ruled that the provisions relating to arbitration between the investor state (including a special tribunal under some free trade agreements) fall within the shared jurisdiction between the European Union and its Member States and that, for this reason, their ratification should be authorised by both the EU and each of the 28 Member States.  On 25 January, Brexit Minister Stephen Barclay published a list of bilateral agreements that are almost ready to be signed or about to be concluded. Trade agreements have already been signed with respect to mutual recognition of compliance assessment with Australia and New Zealand, wine trade with Australia and trade in live animals and animal products with New Zealand. Along with the East and South African states, Chile, the Faroe Islands, Switzerland, the Caribbean and the Palestinian Authority, the signing of free trade agreements was about to be signed. The free trade agreement texts have been finalized with Israel, Canada, the Pacific States, SACU, Mozambique, Norway and Iceland.