New UK government sets intentions for international trade talks & growth
After Sir Keir Starmer’s Labour Party stormed to victory in this summer’s general election, the new government in London has made no secret of its ambition to achieve new free trade agreements (FTAs). India and the Gulf states top its list of priorities. David Sapsted reports.
T
he incoming regime undertook to “drive forward trade talks to turbocharge economic
growth” by launching a new trade strategy this autumn, with UK businesses and economic growth at its heart. “Boosting trade abroad is
essential to deliver a strong economy at home,” said Secretary of State for Business and Trade, Jonathan Reynolds. “That’s why I’ve wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners. “From the Gulf to India, our
trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world. “This announcement will
kick-start the process of getting negotiators back into the room with counterparts as soon as possible, with the first round of trade talks under the new government expected to take place during the autumn.”
A DEAL WITH INDIA BY YEAR’S END? Aside from hoped-for deals with India and members of the Gulf Cooperation Council (GCC) – Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates – the UK hopes to see progress on trade talks with Israel, South Korea, Switzerland and Turkey. Marco Forgione, director-
general of the Institute of Export and International Trade in London, described it as “extremely positive” that the new government had initiated trade talks with so many key economies. “Making international trade
easier and helping more UK businesses expand into international markets is central to getting growth into the economy,” he said. “We know there’s real business interest in making international trade easier and we stand ready to work with the department [for Business and Trade] to ensure businesses, particularly SMEs, are armed
with the know-how to turn these opportunities into reality.” Of course, the biggest prize
immediately would be the successful conclusion of protracted talks with India over an FTA, as illustrated by the fact that new Foreign Secretary, David Lammy, opted for a visit to New Delhi for talks with his counterpart almost immediately after taking office in July. But it has been more than two
and a half years since Boris Johnson and Narendra Modi agreed in principle to a deal. The ensuing period has seen dozens of detailed discussions on elements of an agreement. And those discussions are continuing, although there is hope – possibly – of a successful conclusion by year’s end. The majority of the 26 chapters
in the draft agreement have, in fact, been resolved. However, longstanding problems persist, most notably over India’s desire to see the UK granting its citizens a more liberalised visa regime with greater migration and mobility opportunities.
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GLOBAL LEADERSHIP
FREE TRADE AGREEMENTS
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