The UK marked April 29, 2021 as a historic moment as the Trade Act, which grants the powers necessary to enter into new trade deals, receives Royal Assent and officially becomes law. The law allows the UK to enshrine the deals it makes as a newly autonomous twenty first century trading country in the statutes. This means that the trade dealing with sixty seven countries worth £ 218 billion that have already signed can become an integral part of UK law on a permanent basis and the interests of UK individuals and businesses can be brought in future agreements, for the first time in nearly fifty years.
The law provides vital certainty for the firms of Britain to successfully trade abroad and means they will not face additional costs. It will remder a platform for UK businesses to access new, upsurging markets, which in turn, will aid in creating jobs, encouraging investment and fostering economic recovery from Covid-19. It also consists of measures to ensure that future agreements do not impact UK consumer standards, rights of worker or the NHS.
The Trade Act will also:
- Provide protection to UK businesses from unfair trade practices by creating an Independent Trade Remedies Authority.
- Respect high food and environmental standards by placing the Independent Trade and Agriculture Commission on a statutory basis.
- Maintaining UK businesses’ access to public procurement markets worth around £ 1.3 trillion a year around the world, through the World Trade Organization’s Agreement on Government Procurement (GPA).
- Entitling the government in collecting information on exporters, offering a precise view of export activity across the nation, which in turn, will aid in providing targeted support to businesses for accessing new opportunities relating to an export.
The passing of this law is a landmark moment for the United Kingdom. For the first time in almost half a century, an independent trade policy can be pursued by UK putting the interests of the British people first, as told by Liz Truss, the International Trade Secretary.