Queen's Speech December 2019 - Trade Bill

Trade Bill

“My ministers will bring forward legislation to ensure the United Kingdom’s exit on that date and to make the most of the opportunities that this brings for all the people of the United Kingdom.”

The purpose of the Bill is to:

● Make the most of new opportunities that come from having an independent trade policy after Brexit.

The main benefits of the Bill would be:

• ●  Delivering the best international trading framework for the UK after Brexit by establishing in UK law the fundamental tools needed to do this.

• ●  Ensuring that our trade policy reflects the needs and potential of the whole of the UK and helps to create a country that is more united and more outward- looking than ever before.

• ●  Enhancing the UK’s central role in driving positive global change through trade.

  The main elements of the Bill are:

  • ●  Creating powers so that the UK can transition trade agreements we are party to through our membership of the EU, ensuring continuity for businesses.

  • ●  Establishing a new independent UK body, to protect UK firms against injury caused by unfair trade practices and unforeseen surges in imports.

  • ●  Giving UK businesses continued access to £1.3 trillion per annum of procurement opportunities in 47 countries, by creating the powers for the UK to implement the World Trade Organization Agreement on Government Procurement.

  • ●  Ensuring the UK government has legal powers to gather and share trade information as evidence to support UK firms against surges in imports and unfair practices.

    Territorial extent and application

● The Bill's provisions would extend and apply to the whole of the UK.

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Key facts

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According to calculations based on International Monetary Fund data, 90 per

cent of world output growth in 2020 will come from outside the EU.