QOTD: Brexit + Trade + Japan = Global Rebalancing
Found this morning on our patented PolicyScope Platform: the UK's latest move demonstrating its determination to implement Brexit through trade policy:
Released in the middle of this week's latest round of negotiations with the European Union, the report serves a dual purpose of signalling not only seriousness regarding the year-end Brexit deadline but also a a determination to serve as a global leader promoting free trade when other major WTO members are retreating behind managed trade and protectionist priorities. Cynics will suggest that the move serves only to replicate pre-existing trade obligations that the UK would otherwise have received from the newly minted EU-Japan free trade agreement. Many may observe that at a point when the economic cycle continues its pandemic downturn it will be crucial for the UK to avoid being shut out of preferential global trading arrangements. They are probably right. But the UK's starting point and rhetorical signalling are the pivotal elements in today's release. The UK is not starting from a position of defensiveness and fear (at least not publicly). They are charting out a bold vision for the benefits of globalization and free trade arrangements as an enabler for economic growth and innovation. The arguments familiar to free trade aficionados is rarely articulated so clearly lately either by the WTO or its members.
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