TRADE BILL
“New bills on trade and customs will help to
implement an independent
trade policy”
The purpose of the Bill is:
-
To support the UK in making a smooth exit from the
European Union and ensure that UK businesses are able to
benefit from trade with the rest of the world.
-
To cement the UK’s leading role as a great, global
trading nation, whilst ensuring UK businesses are protected
from unfair trading practices.
The main benefits of the Bill would
be:
-
To establish the tools we need to deliver the best
international trading framework for the UK outside of the
European Union, including an effective trade remedies
regime.
-
To ensure our trade policy reflects the needs and
potential of businesses and consumers throughout the UK, and
helps create a country that is stronger, fairer, more united
and more outward-looking than ever before.
-
To meet the manifesto commitment to “introduce a Trade
Bill in the next Parliament” (p. 15).
The main elements of the Bill are:
-
To put in place the essential and necessary legislative
framework to allow the UK to operate its own independent trade
policy upon exit from the European Union.
Territorial extent and application
-
The Bill would apply to the UK.
Key facts
-
In 2016, the value of exports to the UK economy was
£547.6 billion, up 23.2% on 2010 and up 5.8% on 2015. The value
of imports was £584.6 billion, up 20.1% on 2010 and up 6.8% on
2015. Goods exports represented around 55% and service exports
represented around 45% of all UK exports in 2016.
-
The Department of International Trade recorded a
record-breaking number of Foreign Direct Investment (FDI)
projects coming into the UK in 2015/16 at 2,213, up 11% on
2014/15.
-
The UK has established nine working groups with 15
countries and high-level dialogues to explore the best ways of
progressing our trade and investment relationships.
