The Business and Trade Secretary, Jonathan Reynolds, has announced the Government’s intention to complete international trade deals, starting with the Gulf Cooperation Council (GCC), India, Israel, South Korea, Switzerland and Türkiye.
Restarting these talks is, he went on, the first step towards agreeing the high-quality trade deals the UK needs to give businesses access to international markets ,to boost jobs and deliver the economic growth the UK needs.
However, Mr Reynolds explained, free trade agreements (FTAs) are not the only tool to drive economic growth through trade. The Government also plans to publish a trade strategy which aligns with its industrial strategy and supports the UK’s net zero ambitions.
India, with which the UK is negotiating an FTA and a Bilateral Investment Treaty, is projected to be the world’s third largest economy by 2027 and a trade agreement with the GCC would be a substantial economic opportunity, given that at least £19 billion were already invested in each other’s economies as of 2021.
The Government is also committed to the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) trading group, using its membership in the UK and her allies’ interests and ensuring businesses can take advantage of the deal when it enters into force.
“Through this trade strategy, resetting our relationship with the EU, supporting more small businesses to export and tearing down unnecessary barriers to trade, jobs and communities will be supported in every part of the UK,” Mr Reynolds concluded.
The announcement has been welcomed by business groups including the CBI and Chartered Institute of Export & International Trade.
The Head of Trade Policy at the British Chambers of Commerce (BCC), William Bain, said: “Reaching new or upgraded deals could offer new opportunities for businesses, of all sizes, to grow and invest for the future, especially in sectors like spirits, business services, climate friendly technology and pharmaceuticals.”
