The good news for the UK is that it can still remain a member of the European Free Trade Association, the member states of which (including all states of the EU trading bloc) enjoy a certain degree of free trade with one another. However, that agreement is primitive compared to the EU trading bloc. It might keep tariffs down somewhat. But in the modern world, most tariffs are quite low already and as the economy becomes ever more complex, modern trade agreements try to reduce non-financial barriers to trade like different regulatory barriers and standardization of advertising, packaging and labeling rules, health rules, etc.
Quote: Originally Posted by Curious Cdn
Maybe, this is the EUs big opportunity to become free traders. What are the chances?
That is one problem with the EU. It allows totally free trade within the bloc (which is a good thing) but then tends to restrict trade outside the block too much.
The UK leaving the bloc might give the EU a wake-up call which could be a good thing for it.
In the mean time, the best the UK can do is to follow Singapore's example and become global traders.