In a speech to business and civil society leaders hosted by the
FSB today, International Trade Secretary is set to announce four public
consultations ahead of post-Brexit trade negotiations.
The consultations demonstrate the UK’s intention to seek free
trade agreements with the US, Australia and New Zealand, as well
asthe UK potentially seeking accession to the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
The consultations, which will be released to the public shortly,
will cover these prospective new trade agreements signalling the
UK’s immediate negotiating priorities as soon as it leaves the
EU, in line with the terms of the draft Withdrawal Agreement and
in light of the Government’s White Paper on the future
relationship between the UK and EU.
International Trade Secretary said:
“For the first time in over 40 years we will be able to determine
who we trade with, and on what terms.
“That doesn’t just mean new trade agreements with key partners
like the USA, Australia and New Zealand, revitalising our
existing trade. It also means putting the UK at the heart of the
world’s fastest growing regions with agreements like the
Comprehensive and Progressive Agreement for Trans-Pacific
Partnership.
“I want everyone to have their say, to make sure our future trade
policy works for the whole of the UK. Trade affects us all and I
urge anyone with an interest to take part in these
consultations.”
The launch of public consultations follows Dr Fox’s statement to
Parliament on Monday, where he set out the governments approach
to a transparent and inclusive UK trade policy which takes in the
views of MPs, devolved governments, businesses, civil society
groups and consumers.
If the UK were to join CPTPP, it would be the second largest
economy in the group, and CPTPP’s coverage of global GDP would
increase to around 17%.
The agreement reduces 95% of tariffs along with other barriers to
trade among its 11 members, including Canada, Japan and
Singapore.
The eleven existing members of CPTPP accounted for £82 billion of
UK trade in 2016, more than the Netherlands, France or China. The
economies of existing members are diverse, spanning a region
which is a driving force of global economic growth. Many,
including Vietnam, Malaysia and Singapore have been growing
substantially over the last five years, growth which the IMF
projects will continue in the near future.
The US is the UK’s single largest trading partner, accounting for
£100bn of UK annual exports and supporting millions of UK jobs.
UK exports to Australia and New Zealand, two of the UK’s closest
allies, are growing at 14.8% and 16.8% respectively, a faster
pace than our global average and far outstripping export growth
to the EU.
Hosting the speech, FSB National Chairman, Mike Cherry said:
“Small businesses will welcome the opportunity to input into the
consultations announced today. Getting the institutional
apparatus right is essential and strong small business
representation on the newly announced Strategic Trade Advisory
Group is a hugely important step in the right direction.
“As the largest business group in the UK, FSB knows that the
detail of trading arrangements matters hugely to the UK’s 5.7m
small businesses, and that it’s crucial small businesses are in
the room when these conversations take place. Helping make sure
more small businesses can export more is vital to the
future growth and productivity of the UK economy.”
