Tweet
UK Trade Secretary Liam Fox has said the UK remains committed to free trade, its strong relationship with Europe, and its support for the World Trade Organization.
Speaking at the Graduate Institute in Geneva, he said: "For the UK, our departure from the European Union is about setting our sights wider, and embracing the realities, and opportunities, of globalization. We are not turning our backs on Europe. The 27 nations of the EU will remain our close allies, on defense, security, and trade."
He added that "to the United Kingdom, a nation that has for centuries been dedicated to the principles of free trade, the World Trade Organization retains both a vital symbolic and practical significance. The UK has been a WTO member since the organization's inception and I am proud to stand here today and say that the UK remains, to its core, committed to multilateralism, and to the WTO," Fox said.
"While much political activity in Europe has been focussed on Brexit, it is essential that we don't lose sight of the big picture, and the potential for all of us to benefit from another round of liberalization under the WTO."
"Barriers to trade are difficult to eradicate, and a particularly worrying report by [the OECD] has highlighted the acceleration in protectionist measures since the 2008 financial crash."
Later, he said: "It is critical that trade works for all WTO members. We remain committed to ensuring Least Developed Countries and other developing country trading partners can harness the formidable power of trade to reduce poverty. That is why on June 25 we announced that as we leave the EU, we will secure existing duty-free access to UK markets for the world's poorest countries and aim to maintain current access for other developing countries which benefit from reduced or zero tariffs."
"For the most advanced economies, such as the UK, where almost 80 percent of our economic activity is services-based, we need trading partners who are functionally similar, not necessarily geographically proximate," he continued.
"If we are to unlock the full growth potential of the world economy, then it is imperative that we give the WTO the tools to liberalize trade [in services], allowing [it] to lift barriers and open new markets for services companies across the world. That is why the United Kingdom fully supports the resumption of Trade in Services Agreement (TiSA) negotiations at the earliest opportunity."
"TiSA has the potential to set the standard in the trade in services globally. It will offer not only an improved trading baseline for advanced economies, but will also allow developing nations access to services sectors that will nurture their burgeoning economies."
Speaking at the Graduate Institute in Geneva, he said: "For the UK, our departure from the European Union is about setting our sights wider, and embracing the realities, and opportunities, of globalization. We are not turning our backs on Europe. The 27 nations of the EU will remain our close allies, on defense, security, and trade."
He added that "to the United Kingdom, a nation that has for centuries been dedicated to the principles of free trade, the World Trade Organization retains both a vital symbolic and practical significance. The UK has been a WTO member since the organization's inception and I am proud to stand here today and say that the UK remains, to its core, committed to multilateralism, and to the WTO," Fox said.
"While much political activity in Europe has been focussed on Brexit, it is essential that we don't lose sight of the big picture, and the potential for all of us to benefit from another round of liberalization under the WTO."
"Barriers to trade are difficult to eradicate, and a particularly worrying report by [the OECD] has highlighted the acceleration in protectionist measures since the 2008 financial crash."
Later, he said: "It is critical that trade works for all WTO members. We remain committed to ensuring Least Developed Countries and other developing country trading partners can harness the formidable power of trade to reduce poverty. That is why on June 25 we announced that as we leave the EU, we will secure existing duty-free access to UK markets for the world's poorest countries and aim to maintain current access for other developing countries which benefit from reduced or zero tariffs."
"For the most advanced economies, such as the UK, where almost 80 percent of our economic activity is services-based, we need trading partners who are functionally similar, not necessarily geographically proximate," he continued.
"If we are to unlock the full growth potential of the world economy, then it is imperative that we give the WTO the tools to liberalize trade [in services], allowing [it] to lift barriers and open new markets for services companies across the world. That is why the United Kingdom fully supports the resumption of Trade in Services Agreement (TiSA) negotiations at the earliest opportunity."
"TiSA has the potential to set the standard in the trade in services globally. It will offer not only an improved trading baseline for advanced economies, but will also allow developing nations access to services sectors that will nurture their burgeoning economies."