In a statement to the House of Commons, Business and Trade Secretary, Kemi Badenoch, confirmed that the Government is planning new legislation to improve the way it protects businesses from unfair international competition and unforeseen surges in imports.
“One of the advantages of being an independent trading nation is that we can adapt our domestic rules to UK economic circumstances,” she said as she explained that her department had assessed whether the current trade remedies framework provided the tools it needs.
She explained that the independent Trade Remedies Authority (TRA), a key part of the new framework to defend UK industry, was set up with the power to investigate unfair trading practices and to provide objective, independent, expert advice to Ministers.
The Government’s aim is to maintain the TRA’s expert independent analytical and investigative role, while also giving Ministers greater power to look at wider public interest considerations and flexibility to make decisions that balance the interests of UK producers, importers and consumers.
Under the updated framework, the TRA will be required to notify Ministers before initiating new investigations, can be requested to reassess a recommendation to apply a trade remedy where there is justification to do so and will be able to provide alternative options within its recommendation to Ministers, where justified.
In addition, Ministers will have the power to revoke trade remedy measures without the need for a TRA recommendation, if retaining a measure is no longer in the public interest, and will be given the flexibility to apply an alternative remedy to that recommended by the TRA, where there is supporting evidence to do so, and it is in the public interest.
These reforms will require both primary and secondary legislation which is expected to be completed by the end of this year.
