8
Accepted
The Department aims to secure agreements with countries representing 80% of total UK trade by...
Conclusion
The Department aims to secure agreements with countries representing 80% of total UK trade by the end of 2022. This aim is stated in the Department’s 2020–21 annual report and accounts and is a government manifesto commitment. The National Audit Office (NAO) report stated that 64% of total UK trade is covered by trade agreements, including agreements in principle, and the UK’s Trade and Cooperation Agreement with the EU which represents 47% of UK trade.18
Government Response Summary
The government agrees with the implicit recommendation to meet the 80% trade agreement coverage target by April 2023, outlining its negotiation pipeline and committing to provide an update within 12 months.
Government Response
Accepted
Government Response
Accepted
HM Government
Accepted
1.1 The government agrees with the Committee’s recommendation. Target implementation date: April 2023 1.2 The United Kingdom has secured trade agreements with 70 countries, partners that accounted for 64% of UK bilateral trade in 2020. The Department for International Trade (the Department or DIT) has a full and ambitious pipeline of negotiations for 2022. The department will continue to negotiate accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an enhanced free trade agreement (FTA) with Canada and a new FTA with India. The department aims to begin negotiating a new FTA with the Gulf Cooperation Council, and the enhancement of existing FTAs with Mexico and Israel. 1.3 The UK is ready to progress with a UK-US FTA when the US is ready. In the meantime, the department continues to work with the US on progressing state level Memoranda of Understanding (MOUs). In April 2022, the department concluded the second Joint Dialogue on the Future of Atlantic trade. The department also secured the removal of Section 232 tariffs on imports of UK steel and aluminium products, supporting around 80,000 jobs across the UK. 1.4 This is alongside the ending of the bans on UK beef and lamb exports to the US, which is estimated to be worth £66 million and £37 million of export opportunities respectively over the first five years of the bans being lifted. The department will make use of trade data, as it becomes available, to understand the export trends over time. 1.5 The department is working at pace to deliver the programme but will not sacrifice quality for speed. The department agrees with the Committee’s recommendation and will update the Committee within 12 months to update on progress with the programme of trade negotiations.
Source
Committee
Public Accounts Committee
Inquiry
Progress with trade negotiations
Report
Forty-Fifth Report - Progress with trade negotiations
18 Mar 2022
HC 993
Addressee Bodies
HM Treasury
Timeline
Recommendation age
4.4 yrs
Report published
18 Mar 2022