The International Trade Secretary, will call on countries to stop
using tariffs and similar measures as the first action in trade
disputes, and instead encourage collaboration through
multilateral bodies such as the World Trade Organisation.
In a speech to free market think tank, the Centre for Policy
Studies at their UK-China conference, he will tonight (Tuesday,
19 June) tell 150 business men and women that:
“We must also use this collaboration to encourage bodies such as
the World Trade Organisation (WTO) to operate more effectively in
supporting the global economy, tackling issues of market entry,
ownership restrictions, transparency of ownership, overcapacity
and intellectual property issues – especially forced technology
transfer – through multilateral cooperation, using where
necessary, the legal sanctions available.
“China must play its part, opening its markets and ensuring
compliance in all these areas.
“Unless we maintain an open and liberal global trading system,
reducing tariffs and non-tariff barriers, we will put at risk
future jobs, growth and prosperity.”
He will also recognise the change in the global trading market
which has seen the growth in Asian economies overtake traditional
Western economies. He will ensure the UK is at the forefront in
accessing these opportunities and on this he will say:
“The Belt and Road Initiative is among the most ambitious
projects in the world today. It represents an unprecedented
opportunity to promote greater trade, connectivity and
integration across Asia, Europe and Africa.
“Seldom has the world seen such an ambitious programme of
investment, with such potential to stimulate global trade.
“As one of the world’s greatest exponents of free and open
international trade, this is central to the United Kingdom’s
engagement with the initiative.
“Clearly the United Kingdom is China’s natural partner in this
endeavour – a Western anchor for the BRI. Our national
competencies lend themselves to this project. The UK’s biggest
banks, financial institutions and professional services firms
have a truly global reach. They have formidable emerging markets
expertise, as well as experience in areas which are complementary
to BRI, such as legal expertise, green finance and providing
professional advisory services delivering international
infrastructure projects. All this makes UK firms the ideal
partner to ensure projects along the Belt and Road routes are
cost-effective, sustainable, and delivered to the highest
possible standards…
“And as China continues to astound the world with its economic
progress, a newly Global Britain will be ready to build a
constructive partnership, working towards greater global
prosperity and stability, and rooted in a rules-based
international system that works for all our citizens.”
