Europe, UK (Commonwealth Union) – Kemi Badenoch, the UK Trade Secretary, is currently in Abu Dhabi advocating for the principles of free and fair trade and safeguarding UK businesses against mounting global trade obstacles. Her presence is integral at the Thirteenth Ministerial Conference (MC13) of the World Trade Organization (WTO), where more than 150 trade ministers from around the world convene for a week-long negotiation session. Together, they discuss and negotiate global trade regulations concerning tariffs, regulations, and the facilitation of international commerce for businesses.
As indicated in a statement the World Trade Organization (WTO) establishes the regulations essential for fostering equitable and open trade, contributing to the global proliferation of commerce. From 2000 to 2016, the typical WTO participant experienced a decrease in trade expenses, akin to a 15% decline in tariffs.
WTO agreements play a crucial role in mitigating trade barriers and cutting costs, leading to savings that benefit both businesses and consumers. Additionally, these agreements determine the permissible extent to which nations can subsidize their industries.
Trade Policy Minister Greg Hands asserts, that the UK enters this conference with a distinct objective: to emerge as the foremost advocate for Free Trade globally, whether it’s safeguarding digital products like emails from taxation or empowering nations to contest unfair trade practices.
“It’s good to be back at the Ministerial Conference of the WTO, alongside the Trade Secretary, to help drive negotiations and secure the right outcomes for businesses and consumers around the world and in the UK.”
Many of the opponents to free trade agreements across the world have often raised concerns of its impact on small businesses, which would have to be addressed to successfully achieve a free trade agreement.
An agreement would further facilitate the exploration of investment and export prospects between the UK and the GCC nations. With mutual investments already exceeding £19 billion and total trade valued at £59 billion, both parties are bolstering an already robust framework for economic collaboration.
