INTERNATIONAL COOPERATION IS HOW WE DELIVER GROWTH
In a world of populism, nationalism and protectionism this agreement demonstrates, once again, that it is through international cooperation that we deliver shared prosperity and ensure that trade is conducted smoothly and equitably. No nation can operate in isolation; cooperation is how we deliver growth and stability for all.
For the UK, the World Trade Organization agreement is crucial. It is designed to reduce trade friction and make trade more efficient, affordable, and sustainable, aligning perfectly with the UK goals of increasing #productivity and fostering economic #growth. It represents a collective effort to reduce trade friction and make trade cheaper, faster, and simpler.
It is the first upgrade of the rules on digital trade since they were created in 1992. I'm proud to say ICC United Kingdom advocated for it, were there on day one at #MC11 when this initiative was launched and we have been strong advocates for it ever since.
For the UK, trade #digitalisation is estimated to deliver £25 billion in economic growth, £224 billion in efficiency savings, £1 billion in additional trade finance and a 35% efficiency gain for #SMEs. This means fewer barriers, less red tape, and reduced costs for exporters, importers and consumers. The agreement ensures that UK businesses can compete on a level playing field in the global market. It helps us remove paper from #trade once and for all, streamline systems and promote simpler, modern ways of doing business. And, it helps us become more sustainable and environmentally friendly, lowering carbon emissions, promoting transparency, reducing risk and aligning with global sustainability goals. It also presents an excellent opportunity to work collaboratively with the EU.
We should applaud the government for its role in helping make the agreement happen. The opportunity is to capitalise on this achievement and to drag the trade system trade out of the 1800's and into the 21st century.
Jonathan Reynolds MP Department for Business and Trade Department for Science, Innovation and Technology HM Revenue & Customs HM Treasury Cabinet Office Association for Supply Chain Management (ASCM) EACT - European Association of Corporate Treasurers Association of Corporate Treasurers International Chamber of Commerce The ASEAN Secretariat Lord Holmes Lord Karan Bilimoria Paul Drechsler British Chambers of Commerce CBI (Confederation of British Industry) Federation of Small Businesses (FSB) Make UK techUK UK Finance Sean Edwards Tod Burwell CARICOM: Caribbean Community The Commonwealth Vashti Maharaj Gwynne Master Lord Iain McNicol #C4DTI #SayNoToPaper
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