UK Economics

A new dawn: Britain ‘will use Commonwealth nations as a new TRADE NETWORK’ post Brexit

BRITAIN has “unprecedented opportunities” in the wake of Brexit but Commonwealth countries must avoid being seduced by “protectionism”, Liam Fox, the International Trade Secretary said.

Liam Fox and Theresa MayGETTY  Fox has called on Commonwealth countries to join Britiain in creating strong trading links

In a call to arms, Fox stated it is the “Government’s ambition to reclaim the crown” of being the “leader in world trade” with the help of the 52 Commonwealth countries.Speaking at an event named the Commonwealth Trade Ministers’ Meeting, he said: “I have long believed that free trade is the most powerful tool at our disposal to help those in need around the world.

 We will proudly carry the standard of free and open trade as a badge of honour

Liam Fox

“As the United Kingdom leaves the European Union and recasts its place in the world, we will proudly carry the standard of free and open trade as a badge of honour.”The worry, following Donald Trump’s self proclaimed protectionism agenda, is that other countries will follow a policy that is politically popular but “economically damaging and socially regressive.”
He added: “Protectionism can be a seductive but false friend. I have described it as the Class A drug of the trading world: it can make you feel good at first but you pay a terrible price in the long term.“Sadly, the benefits of free trade all too often go unrecognised, and a rising chorus of protectionism threatens to drown out the case for a free and open global trading system.”

CommonwealthGETTY   Commonwealth’s 52 member states include some of the largest and richest countries on earth

As the Government’s Brexit plan is evolving, Theresa May will demand the Commons remove the restraints imposed by the unelected House of Lords to the draft law, to enable negotiations to begin by March 31.Fox is excited by the opportunities that lie ahead for Britain, as it will be “the first time in over 40 years, that we will have our own, independent trade policy, allowing us to renew bonds of trade and commerce with our partners across the globe.”

Liam FoxGETTY     Britain have already reached out to India to build a trading relationship after Brexit

He added: “There are 52 member states in the Commonwealth, boasting a combined population of over 2.4billion people.“Moreover, one billion of those Commonwealth citizens are under the age of 25, a vast pool of talent and resources that can help transform the world, if we ensure they have access to future trade and investment opportunities.”Fox urged politicians to avoid “brinkmanship” in the Brexit negotiations to ensure a trade deal which minimises disruption to business.

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Jane Davies
Jane Davies

Unfreeze the state pensions of British citizens who are retired in Commonwealth countries first Mrs May!

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