International Trade Secretary, launches the UK government’s first
ever public consultations on new trade agreements.
People across the UK will have their say on prospective new
agreements with the USA, Australia, New Zealand and on the UK’s
potential membership of the Comprehensive and Progressive
Agreement for Trans-Pacific Partnership today (Sunday, 22 July).
In a historic moment for the country, the 14-week consultations
will allow the public to have a say on what trade will look like
with some of the largest and fastest growing economies in the
world. People will be invited to share their views on which
areas matter to them most as well as any concerns they have.
The consultations, which are available online now show
determination to make the most of the UK’s ability to set its own
trade policy for the first time in forty years.
Ministers and officials from the Department for International
Trade (DIT) will take part in a series of events across the UK in
the coming months to hear direct from businesses, local and
devolved government, civil society groups and the public as part
of the consultations.
The prospect of a future trade agreement will be one of the
subjects discussed by Dr Fox with senior trade
officials including US Trade Representative, Robert Lighthizer in
the USA on Tuesday (24 July). The International Trade Secretary
will also raise the issue of the recent imposition of tariffs on
steel and aluminium imports from the EU, calling instead for a
multilateral solution to global issues of overcapacity.
He will meet Commerce Secretary, Wilbur Ross in Washington DC
where he will also make a speech at think tank, the Heritage
Foundation.
The visit will also build on the work of the UK-US Trade and
Investment Working Group, launched by Dr Fox and Lighthizer in
Washington last summer, which held its fourth official-level
meeting in London last week. The Working Group is already taking
steps to strengthen trade and investment ties now including
supporting industry agreements on mutual recognition of
qualifications, cooperation on science and technology and
launching a joint SME dialogue to share best practice and boost
exports.
He will then fly to San Francisco where he will address the
British American Business Council and meet companies including
Facebook, IT company Oracle who employ 5000 people in the UK and
American film and TV production company, LucasFilm.
International Trade Secretary said:
“For the first time in over 40 years, the UK will be
able to determine who we trade with and the public will have
a say on the terms of these trading agreements.
“This is a hugely historic moment for the British people who
voted to leave the European Union and take back control and the
government is delivering exactly that on trade.
“We are seeking to put the UK at the heart of the
world’s fastest growing regions agreements like the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership. It’s
also why I’m making the case for a trade deal with our
single largest trading partner the USA and will continue do the
same with the New Zealand and Australia.”
The launch of public consultations follows Dr Fox’s statement to
Parliament on Monday, where he set out the government’s
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 11 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 5 years, growth which
the IMF projects will continue in the near future.
The US is the UK’s single largest trading partner, accounting for
£100 billion 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.
Background:
- Further information on how to access the consultations is
here: bit.ly/2uEI6Jj
