With five months to go until the Brexit transition period ends, the clock is ticking for the UK to strike new trade deals with countries outside the European Union.

For Brexit supporters including Prime Minister Boris Johnson, one of the most compelling reasons for leaving the EU was for Britain to create new free-trade agreements (FTAs) with global partners. 

The UK government says it wants to secure FTAs covering 80 percent of UK trade within the next three years. But how far away are those?

Read more: Britain pledges £705m to prepare post-Brexit borders

 

The U.S.

 

Priority number one is a trade deal with the U.S.. It is the UK's largest non-EU trading partner and the topic was high on the agenda when U.S. Secretary of State Mike Pompeo visited London earlier this month. Total trade between the two sides was worth $261.9 billion in 2018, according to U.S. government figures.

And there's plenty of political will for a deal, with pro-business governments in charge in Washington and London and a strong personal relationship between Johnson and President Donald Trump.

But, key challenges remain, particularly over standards when it comes to issues such as agriculture and food products. The U.S. is perceived to have lower safety standards than current EU regulations, which apply in the UK. 

Despite a third round of talks this month, UK officials have reportedly abandoned hopes of reaching a deal before the U.S. election in November. The two sides have stated COVID-19 as a key factor for the slow progress in discussions.

Read more: Brexit: What is the 'level playing field' and how likely is an agreement?

 

 

Australia and New Zealand

 

Like the U.S., Australia and New Zealand have been touted as priorities for trade deals. 

Official figures show UK businesses traded $23.8 billion worth of goods and services with Australia last year and an FTA could increase UK exports to the country by up to $1.18 billion, according to the British government. 

But, like with the U.S., COVID-19 has limited the chances of a deal materializing.

As for New Zealand, with a smaller economy, it may offer the best chance for the UK to wrap up a deal this year. Following the completion of the first round of talks in late July, the UK's international trade secretary, Liz Truss, said the two sides were a "step closer" to an agreement. Digital trade and sustainability are two areas identified with particularly significant growth potential.

Read more: Trade deal with UK looking 'unlikely,' says EU's chief negotiator

 

 

Japan

 

The world's third largest economy is another one the UK government has its eye on. The two sides have set a deadline of 31 July for a general agreement to be struck, but it seems that date may be extended. 

With the clock ticking for the Japanese parliament to approve a deal, it seems a "continuity" trade agreement could be announced, rather than a fully fledged FTA.

UK government figures put total trade between the two nations at $32.2 billion in 2018, but officials in London will be desperate to get a deal over the line, as it could prove symbolically important with the Brexit transition period deadline drawing closer.

Watch: What happens if the UK cannot agree a Brexit deal with the EU?

 

 

India

 

India has emerged as the biggest developing nation that the UK wishes to strike an FTA with. Tensions between the UK and China have aided the case for a deal with India, with British officials touting the world's largest democracy as a priority.

With a population of more than 1.3 billion – many of whom are aged under 30 – and one of the world's fastest-growing economies, the growth potential of India is clear. 

But, it's already in talks with the EU over a possible FTA and in early July, its trade minister, Piyush Goyal, suggested that could impact its ability to strike one with the UK. 

"It's up to the UK and EU, whoever picks up the gauntlet first," he said.

 

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