The UK will leave the European Union at the end of 2020 and could form the CANZUK free trade area in 2021. CANZUK would be a free trade union between Canada, Australia, New Zealand and the UK.
Canada has a population if 38.2 million people and a GDP of $1.8 trillion.
Australia has a population of 25.5 million people and a GDP of $1.4 trillion.
New Zealand has a population of 4.4 million people and a GDP of $196 billion.
The UK has population of 67 million people and a GDP of $3 trillion.
The combined population is 136 million people and a combined GDP of $6.4 trillion. This would make the fourth largest economic entity after the USA, China and the European Union. It would be ahead of Japan and Germany.
Canada, Australia, New Zealand and the United Kingdom each share the same language, the same Westminster parliamentary system, the same respect for common-law and the same Sovereign. They were the core of the British Empire.
The region would be a top free trade zone and would be nearly half of the GDP of a post-Brexit EU.
Establishing the region would require negotiating a free trade agreement and a freedom of movement deal.
Movement within the commonwealth is already fairly frictionless.
After his victory in the 2020 Conservative Party of Canada leadership election, Erin O’Toole, made CANZUK a priority in his platform. The Liberal Party is currently governing Canada.
It is not assured as there is also political opposition to the arrangement in each country. However, Canada, Australia, New Zealand and the United Kingdom regard each other’s countries as their country’s closest friends and allies.
The Trans-Tasman Travel Agreement (TTTA) between Australia and New Zealand would be the model for extending an arrangement to include Canada and the UK. The TTTA allows citizens the freedom to travel, live and work between the two nations. However, voting rights and access to social security have been limited for New Zealanders in Australia (and vice-versa) until an application for permanent residency has been granted by the respective host country.
The proposed CANZUK agreements would be different from the European Union. There would be mutual agreements on constitutional and diplomatic matters but there would be no supranational parliament, court system or currency.
SOURCES- Canzuk International
Written by Brian Wang, Nextbigfuture.com