Trade Bill
“My Ministers will work to implement new regimes for
fisheries, agriculture and trade, seizing
the opportunities that arise from leaving the European
Union.”
The purpose of the Bill is to:
-
Make the most of new opportunities that come from having
an independent trade policy after Brexit, delivering for UK
businesses and consumers by:
o Rolling over trade agreements with third
parties,
o Ensuring access to procurement opportunities
under the Government Procurement Agreement, and
o Protecting them from unfair trade practices
or unforeseen surges in imports.
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 outwardlooking 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 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 unfair trade practices.
-
Giving UK businesses continued access to £1.3 trillion
per year of procurement opportunities in 47 countries, by
creating the powers for the UK to implement the Agreement on
Government Procurement.
-
22Ensuring 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.
Key facts
-
The EU estimates that 90 per cent of future global
economic growth is expected to be generated outside Europe - a
third of it in China alone. The Trade Bill will ensure we are
ready to take advantage of trade opportunities with these
significant markets after we have left the EU, benefitting UK
businesses and consumers.
