1/7: Now #UK has its own national #trade policy let’s get it right. Rolling over #EU agreements is important but it’s the easy bit. Beyond that, a focus on traditional goods-oriented Free Trade Agreements will be too narrow. We should be smart & innovative. A thread..
2/7: #Trade policy doesn’t exist in a vacuum. Trade strategy should be integral to domestic economic & industrial policy, and also wider #foreignpolicy. Trade is intensely political at home (NHS, food standards) & abroad (Saudi Arabia, China). Public support needs rebuilding.
3/7: #Trade is done by businesses. #UK based businesses will succeed if they are productive & competitive. Government can support them through #investment, infrastructure, tax regimes, regulation & incentives, but we must comply with rules in markets we export to.
4/7: We need some strategic choices about our economy, and technologies & sectors where we expect to specialise & build comparative advantage. An evidence-based strategy should underpin #trade negotiations that target our strengths.
5/7: We should prioritise markets that matter most: #EU and #US remain by far our most important #trade partners. Elsewhere we need clear analysis of where significant or fast gains can be made. Policy on China must rigorously balance risk and opportunity.
6/7: It’s important to find new ways of advancing trade in areas like #services, e-commerce, #data, intellectual property, investment, procurement that are weak in current FTAs. Our #trade agenda must also support priorities on #climate, sustainability & #health.
7/7: Multilateral #trade rules preserve fair markets. We should continue to champion #WTO and its reform. We also need to defend UK companies against unfair competition with effective, WTO compliant national trade defence instruments.
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