Free Trade Agreement Negotiations Update
UIN: HCWS28 The UK is the world's 4th largest exporter with exports worth £855 billion. British businesses have unique strengths which are admired around the world. This Government is committed to developing a trade strategy that will drive economic growth. Our appro...
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HCWS28
Free Trade Agreement Negotiations Update
Statement made on 29 July 2024
Statement UIN HCWS28
Statement made by
Jonathan Reynolds
Secretary of State for Department for Business and Trade
Labour
Stalybridge and Hyde
Commons
Statement
The UK is the world's 4
th
largest exporter with exports worth £855 billion. British businesses have unique strengths which are admired around the world.
This Government is committed to developing a trade strategy that will drive economic growth. Our approach will be underpinned by rigorous economic and geopolitical analysis, and will align with our industrial strategy, support our net zero ambitions and enhance our economic security. The strategy will be critical to forging a new partnership between an active state and dynamic open markets, both in the UK and overseas. It will also reflect our ambition to improve the UK’s trade and investment relationship with the EU.
In developing our trade strategy, we are clear FTAs – while not the only tool – are an important lever for driving growth.
That’s why today I am announcing our intention to deliver the UK’s Free Trade Agreement (FTA) negotiations programme, starting with the Gulf Co-operation Council, India, Israel, Republic of Korea, Switzerland and Turkey. The Government is also committed to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), ensuring UK businesses can take full advantage of the deal when it enters into force. I will be working with my officials to ensure our FTA programme delivers this Government’s wider international trade and investment priorities, and puts our growth mission at its heart. We are committed to using every lever available to deliver growth.
We are now working across government to get negotiators back into the room with counterparts as soon as possible. In line with this, I have written to international partners signaling our intentions and I expect the first discussions to take place during the Autumn.
We will keep Parliament fully updated as the trade strategy and trade negotiations progress.
Statement from
Department for Business and Trade
Linked statements
This statement has also been made in the House of Lords
Department for Business and Trade
Free Trade Agreement Negotiations Update
Baroness Jones of Whitchurch
Parliamentary Under Secretary of State
Labour, Life peer
Statement made 29 July 2024
HLWS28
Lords