Trade Secretary Jonathan Reynolds set to deliver trade negotiations with international partners
Business and Trade Secretary Jonathan Reynolds has announced the Government’s intention to deliver trade talks, starting with the Gulf Cooperation Council, India, Israel, South Korea, Switzerland and Turkey.
The Government is putting economic growth at the heart of everything it does to improve the livelihoods of hardworking British people.
Restarting talks is the first step towards agreeing the high-quality trade deals the UK needs to give businesses access to international markets, boost jobs and deliver that growth.
With exports totalling £855 billion, the UK was the world’s 4th largest exporter in 2022. High-quality British goods and services are admired globally and the Government is committed to using every lever available to help British businesses sell around the world.
FTAs are not the only tool to drive economic growth through trade. The Government also plans to publish a trade strategy which aligns with our industrial strategy, enhances our economic security and supports our net zero ambitions.
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.
Business and Trade Secretary Jonathan Reynolds said:
This announcement will kickstart 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.
The UK’s trade programme aims to deliver deals that will benefit the UK economy and boost trade with some of the most dynamic economies in the world.
For example, a trade agreement with the Gulf Co-operation Council would be a substantial economic opportunity, with at least £19 billion total already invested in each other’s economies as of 2021. An agreement with the GCC could potentially boost this further, ensuring British companies can make the most of this booming market and British customers get even more choice.
India, with which the UK is negotiating a Free Trade Agreement and Bilateral Investment Treaty, is projected to be the world’s third largest economy by 2027. A trade deal would give UK businesses better access to its burgeoning market of middle-class consumers, projected to grow to over a quarter of a billion consumers by 2050.
It comes after the Foreign Secretary visited India this week to discuss economic and global security.
Chairman of Tata Sons Natarajan Chandrasekaran said:
CEO of KOC Holding AS Levent Çakıroğlu said:
CEO of Roche Thomas Schinecker said:
Head of Trade Policy at the British Chambers of Commerce William Bain said:
Director General of the Chartered Institute of Export & International Trade Marco Forgione said:
The Government is also committed to the CPTPP trading group, using our membership in the UK and her allies’ interests and ensuring businesses can take advantage of the deal when it enters into force.
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