As the United Kingdom embarks on leaving the European Union, it is important that the UK ensures that it is ready for Brexit on day one.
One of the many key aspects we must get right is trade policy.
Inside the EU our trade policy is made in Brussels. Once we leave the EU, its Customs Union and Single Market, we will be able to decide our own trade policy and trade with the rest of the world on the terms we choose. This matters because the rest of the world is where 90% of global growth will be coming from in the future.
This paper makes the case for the UK to have a clear trade policy:
1) To secure (as we leave the EU) the independence and freedom to strike trade deals that are in the UK's national interest across the world.
2) To seek a deep and comprehensive free trade agreement with the EU to the mutual benefit of the UK and the EU – but to be clear on the UK's trade negotiating objectives in doing so. Especially that the UK should not be limited in regulatory divergence from EU rules in the UK internal market or in trade deals with non-EU countries.
3) To focus on increasing trade with nations outside the EU and be clear on our negotiating objectives for non-EU trade agreements.
4) To seek trade agreements that reduce costs for British consumers – especially the poorest – focussing on cheaper food, clothing and basic amenities.
5) To seek "free trade, fair trade" with developing nations to aid the growth of small nations and give British consumers a better deal.
Read the full report here.