British trade dynamics
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The Secretary of International Trade stated that Britain’s goal is to conclude negotiations on joining the Trans-Pacific Trade Group by the end of 2022 and hopes to persuade the United States to rejoin the group.
In an interview with the Financial Times Payne’s politics Podcast, Liz Truss says negotiation Cooperation with the G11 is the direct focus of the government’s “Global Britain” trade agenda after Brexit.
The Comprehensive Progress Agreement for the Trans-Pacific Partnership includes several fast-growing economies such as Mexico, Malaysia, and Vietnam, as well as mature regional players Japan, Australia, New Zealand, and Canada.
Truss stated that she hopes that “we can complete negotiations before the end of next year” to join the European Union, and believes that this will enable the UK to benefit from “huge” economic growth in the Asia-Pacific region.
“By 2030, two-thirds of the world’s middle class will live in Asia, and the types of products they need are those produced in the UK—whether they are high-value manufactured products, quality food and beverages, digital and data products, financial Service,” she said.
“The European Union will have a smaller share of the world economy in 20 or 30 years, while countries that have joined the CPTPP, such as Vietnam or Malaysia, will occupy a larger share.”
Despite the challenge of differences in agricultural standards, reaching a trade agreement with the United States is the Johnson administration’s biggest trade trophy. But Truss expressed the hope that if the United States rejoins the CPTPP, Anglo-American trade can be liberalized. remain In 2017.
“The United States is one of the original parties to the Trans-Pacific Partnership, and the new government has not yet indicated that they want to join. But who knows what will happen in the future.”
Although farmers are worried that the standards for reaching a US trade agreement may be compromised, Truss said, “For me, the important principle is that in any negotiations I conduct, we will not harm British farmers with high standards.” She added that she was “very confident of reaching an agreement with the United States.”
She also defended the trade agreement reached by the United Kingdom since its formal departure from the EU, although the government’s internal economic analysis shows that the direct benefits they will receive are minimal and will not make up for the advantages lost by leaving the EU.
“The key to our analysis is that it is a static comparative analysis, so it cannot predict the future. It just says how do we expect the situation in the entire economic field to change in the state we are in now. This is not about the future. predict.”
Terrass also announced that her International Trade Department will expedite the relocation of approximately one-fifth of its 2,455 employees. staff As part of an “upgrade” plan to address regional inequality, from Whitehall.
The Ministry’s goal is to have 500 staff on the Darlington Treasury North Campus by 2030. The location will also include officials from the Ministry of Finance, the Ministry of Commerce, the Ministry of Housing, Community and Local Government, and the National Bureau of Statistics.
The department has already recruited one hundred positions for the “British Trade and Investment North” department. DIT will also have one of the department’s five director-generals based in Darlington. Truss also hopes to expand its offices in Edinburgh, Belfast and Cardiff beyond Whitehall by 2030, with a total of 750 officials.
Truss, who often Rated As the most popular government member of the Conservative Party, the ConservativeHome website does not deny her ambition to one day lead her party.
“As Minister of Trade, I am very happy. I think I have got the best job in the government department. This is the first time these new trade agreements have been reached in 50 years,” she said. “The Prime Minister has done a great job. And I believe he will serve for many years to come.”