International Trade Minister Liz Truss said today (14 September) that the UK is in a good position and ready to seize the global opportunities of future trade.
In a speech with the Policy Exchange think tank, Truss outlines the next steps in the UK trade strategy, is leading the free trade revival outside of London and leveling the government’s agenda.
She will explain how her department will target trade deals with the fastest-growing segments of the global economy and enhance support for exporters to seize new opportunities. She says the status quo is not an option, and will explain how her trade policies are opening new trade routes beyond Europe.
The UK is already making significant progress in building more successful trade routes that are generating the largest economic growth in the Indo-Pacific. The UK has already begun negotiations to join one of the world’s largest free trade zones, the Trans-Pacific Partnership, and will soon begin negotiations with India, Mexico and Canada.
The scale of future opportunities is revealed in a new report published by the Department for International Trade – Global Trade Outlook that identifies two key trends underpinning the UK’s strategic approach.
1) The center of the world economy is moving from Europe to the Indo-Pacific.
By 2030, three of the world’s four largest economies will be in the Indo-Pacific region. The region will account for 56% of global GDP growth and 44% of global import demand growth over the next 30 years.
2) Global demand for UK thriving industries will boom:
Demand for UK high-value industries such as digital and financial services will double over the next decade, with demand for digital services expected to grow by 117%.
Prior to the speech, International Trade Minister Liz Truss said:
To seize the opportunities of the future, we must accelerate digital and service commerce while growing trade with the world’s fastest-growing regions.
We are building a global network of advanced next-generation trade deals in services and digital trade, and closer economic relationships with East Asian and Asia Pacific markets.
We know that the demand for high-quality UK goods and services exists and is growing. So we need to prepare UK companies for export and boost internal investment across the UK. It creates new jobs, business and growth.
With only 1 in 10 UK companies currently selling abroad, the International Trade Minister wants to encourage more exports and make exports the standard for UK companies.
She argues that the road to economic revival lies not in retreat and shrinkage, but in free trade and free enterprise. UK employers can only benefit from free trade by selling their products, innovations, capital and ideas abroad. A recent study found that trade disproportionately benefits the lowest-income consumers, as tradeable goods and services are disproportionately consumed by the less affluent.
DIT is strengthening export support nationwide through the UK Trade and Investment Office and new export support services. It is also attracting some of the world’s best investors through the Office for Investment and the UK’s first Global Investment Summit.
Truss believes that the UK’s forward-looking and liberalizing trade strategy will give UK businesses high wages, high growth and productivity, driving the UK’s future economic success in future industries and economies.
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