The International Trade Secretary will today [Friday 22 October]
call on the world’s leading democracies to work together to build
global resilience in critical supply chains as she welcomes the
G7 Trade Ministers to London.
will lead talks at
London’s Mansion House, the first time G7 Trade ministers have
gathered in person for this year’s Trade Track.
Covid-19 has sent shockwaves through global production and
transport, shutting the world’s third-busiest container port in
China, leaving shipping containers stranded in Africa and South
America, and causing long queues of goods ships unable to dock in
the US. Shipping costs have increased fivefold since the start of
the year, while air cargo has seen prices rise and capacity.
The Secretary of State will argue against protectionism
and advocate measures such as better monitoring and
cooperation to quickly identify and address bottlenecks where
they arise.
In addition, the UK will bring countries together to agree the
G7’s first ever set of Digital Trade Principles. UK digitally
delivered trade in services was worth £326 billion in 2019,
approximately one quarter of our total trade, and the Secretary
of State unveiled a five-point plan for
promoting digital trade last month.
However, barriers to digital trade are growing and we face
threats from data flow restrictions, cyberattacks,
intellectual property theft and personal data breaches. The
Digital Trade Principles will guide a common approach, showing
the G7:
- believe in open, transparent and competitive digital markets,
which provide opportunities for businesses to grow and
innovate
- oppose digital protectionism and authoritarianism
- want data to flow freely across borders, with high standards
of data protection and safeguards for workers, consumers and
businesses
- back digitisation of paper-based customs and trade systems to
cut red tape and save time and money
- support WTO negotiations on common digital trade rules,
making it easier for businesses to trade with countries across
the globe
International Trade Secretary said:
“Global challenges require global solutions. We have seen
from the COVID-19 pandemic how fragile our global
supply chains can be. The UK will work with our
G7 and trade partners to build stronger, greener supply
chains and a more resilient economy.
“We will also send a clear message that digital trade should be
open and free, with proper safeguards to protect workers,
consumers and businesses, so it can raise living standards
and support jobs as we build back better from the pandemic.”
The G7 will hear from Lord Mark Sedwill, Chair of the
Economic Resilience Panel convened under the UK’s leadership of
the G7, who will give a strategy briefing on how G7 partners can
best work more closely to guarantee resilience in critical supply
chains.
Ahead of COP26 next month, the UK will continue to work with its
G7 partners to address the risk of carbon leakage. There
will also be a renewed focus on reform of the World Trade
Organization with these goals in mind, ahead of its Ministerial
Conference meeting next month.
The Secretary of State will also host bilateral meetings with US
Trade Representative Katherine Tai, as well as
Valdis Dombroskis, Executive Vice President of the EU, and
Germany’s Peter Altmaier, Minister of Economic Affairs and
Technology.
