Northern Ireland

Massive UK, EU, US free trade area could save world economy

Businessman, Willie McCarter has called for "radical" action to save the economy.
Businessman, Willie McCarter has called for "radical" action to save the economy. Businessman, Willie McCarter has called for "radical" action to save the economy.

ONE of Ireland’s leading businessmen Willie McCarter has called for a “massive free trade area” between the UK, EU and USA to be set up tp offset the combined impact of the coronavirus and a no-deal Brexit.

A former head of the International Fund for Ireland, Mr McCarter said talks should start immediately to establish the free trade area.

Based in Co Donegal, Mr McCarter is a previous managing director of the Fruit of the Loom leisurewear company, at one time the largest employer in north west Ireland.

“This week is the last negotiating round before the decision as to whether or not the UK will seek an extension to the transition period after December 2020.

“It is time for radical action by the UK and the EU. A massive free trade area comprising the US, the UK and the EU would seriously underpin the recovery from the pandemic recession,” he said.

He said much of the ground work on a free trade area has already been done between the US and the UK and suggested talks on the three-way agreement could be concluded within two years.

During these talks he suggests the EU and UK could conduct parallel negotiations to establish a long-term agreement.

In the long term, Mr McCarter suggested the UK become a “special” part of the EU single market and customs union with current arrangements continuing in perpetuity.

“The UK would have to observe the rules of the EU single market and customs union. However, since the UK would then be a special part of the single market and customs union, the EU might agree that some special conditions might apply to the UK,” he said.

Among other conditions, Mr McCarter suggested there be “free labour movement by EU citizens” but not immigration “surges” and that the UK subscribe ten billion euro per year to the EU.

A special court to oversee the arrangement – made up of 50 per cent UK judges and 50 per cent EU judges – could be established.

“This is no time for the UK and EU to be negotiating under severe time constraints by video when so many jobs and livelihoods are at severe risk,” he said.