One of the campaign pledges made by Donald Trump was that he would renegotiate the North American Free Trade Agreement (NAFTA), which came into force on January 1st 1994. Basically it involves free trade between the United States, Canada and Mexico. Canada's Prime Minister, Justin Trudeau, has declared himself ready to renegotiate the treaty.
This gives the UK a great opportunity to extend free trade in the aftermath of Brexit. The UK could apply to join the renegotiated NAFTA, taking part in the negotiations to hammer out a new treaty that included the UK. It would then become the North Atlantic Free Trade Agreement, but would keep the NAFTA acronym.
Several influential Conservatives have indicated that there might be opportunities for closer transatlantic economic ties. Indeed, Sir John Major floated the idea during his premiership. It would give the UK a head start in its bid to launch bilateral and multilateral free trade deals once free of the EU's protectionist grip. And it would make nonsense of the always absurd notion expressed by President Obama that Britain would be "at the back of the queue" in any trade deal with the US.
Prime Minister Theresa May is expected to use her Lord Mayor's Banquet speech to declare her support for free markets and free trade. A move toward joining a revised NAFTA would underscore that commitment and give people confidence that she meant it.