The United Kingdom is set to undergo its first World Trade Organization (WTO) Trade Policy Review since its exit from the European Union (EU), marking a significant milestone in redefining its global trade stance. The review positions the UK as a champion of free and fair trade, underscoring its focus on growth, innovation, and sustainability.<\/p>\n
The government\u2019s official report identifies four key trade priorities: boosting services exports, already exceeding \u00a3400 billion (~$528 billion) last year, reinforcing the UK\u2019s role as a global services superpower; driving investment-led growth by unlocking capital to enhance innovation and productivity; leading in digital trade, streamlining export processes and establishing modern trade corridors; and championing sustainability, ensuring trade aligns with the nation\u2019s net-zero commitments.<\/p>\n
The UK is undergoing its first WTO Trade Policy Review since leaving the EU, outlining a growth-driven strategy focused on services, investment, digital trade, and sustainability.
\nThe government report highlighted trade deals worth billions, including a \u00a39 billion (~$11.88 billion) UK-EU pact and a \u00a34.8 billion (~$6.34 billion) India deal, as proof of impact. <\/p>\n
The report cited major trade agreements as proof of the UK\u2019s global ambition. The UK-EU deal, projected to add \u00a39 billion (~$11.88 billion) to the economy by 2040, the US Economic Prosperity deal, supporting hundreds of thousands of jobs, and the \u00a34.8 billion (~$6.34 billion) UK-India trade deal are all expected to generate more export opportunities, jobs, and higher wages\u2014delivering on the government\u2019s plan for change, the Government of UK said in a press release.<\/p>\n
Minister of State for Trade Policy Chris Bryant will present the UK\u2019s vision at the WTO headquarters in Geneva, outlining a bold, growth-focused strategy that supports businesses to export, invest and thrive globally,<\/p>\n
\u201cOur trade and industrial strategies are working hand in hand to deliver growth and opportunity for British companies,\u201d said Chris Bryant<\/strong>. \u201cBy championing innovation, digital trade and strong global partnerships, we\u2019re making sure the UK\u2019s growth agenda benefits communities across the country and keeps us competitive on the world stage.\u201d<\/p>\n In Geneva, Bryant will also reaffirm the UK\u2019s commitment to reforming and modernising global trade systems through the WTO.<\/p>\n \u201cThe UK\u2019s Trade Policy Review is a chance to reaffirm our commitment to the WTO and the principles of rules-based global trade. We are proud to showcase the progress we have made on inclusive growth, services exports, and digital trade and to engage constructively with partners on the reforms needed to modernise the multilateral trading system,\u201d said Ambassador Kumar Iyer, UK permanent representative to the WTO and UN in Geneva<\/strong>.<\/p>\n
<\/p>\n Fibre2Fashion News Desk (SG)<\/p>\n
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