Comment from Sam Sharps, TBI Executive Director of Policy:
“We welcome of the direction set in the new Trade Strategy and the role it will play in reinforcing the UK’s wider industrial strategy. A comprehensive and modern trade strategy is essential in a more contested, uncertain global environment.
“The strategy is sensibly pragmatic in seeking to build markets around the world. The UK’s prosperity will continue to depend on its relationships with the world’s three economic superpowers – EU, US, China – and it cannot afford to dis-engage with any of them.
“The pivot in UK trade policy ambitions beyond traditional free trade agreements toward more agile, targeted sector deals is another welcome step and one we have called for in our recent paper. The UK now has FTAs in place or pending with most of its major trading partners. Shifting focus to more dynamic market access agreement can play more to the UK’s strength in services – particularly in digital services, where trade is growing rapidly – and enhances its ability to adapt in the wake of volatile geopolitics.
“In an uncertain world, the UK can also unlock more value from the deals it already has. The UK should pair its trade policy with a trade infrastructure up to 21st Century digital standards, revolutionising how businesses interact with government and how trade information is shared – for example, using distributed ledger technology. In doing so, the UK can stake its place as a champion of trade and openness – not just through deals signed, but by ensuring businesses trade swiftly, smartly, and seamlessly.”