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A set of new advisory groups have been established in order to help advise the Government on how to get the best deals, when the UK is fully free from the shakles of the EU. The groups will range from experts in investment, life sciences and financial services. The advice given by the experts and organisations will support UK officials during Brexit talks going forward in order to usher in an era of potential prosperity for the UK.
International Trade Secretary, Liz Truss has insisted she wants the Government to be able to secure deals which will be beneficial for every sector within the UK economy.
Ms Truss said: “This is about bringing business closer to the negotiating table and using their expertise to help secure the best possible deals that deliver jobs and growth across Britain.
“Talks with Japan, the US, Australia and New Zealand are entering their crucial latter stages, so it is only right that we step up engagement with vital industries to utilise their technical and strategic expertise.
“I want business in Britain to feel engaged and informed about the work we’re doing to build an independent trade policy and how it impacts them.
“As we recover from coronavirus we want to strike deals that benefit every part of the country so we can build back better and deliver a fairer country for all.”
The experts will prove crucial for the UK as Britain continues trade negotiations with Japan, New Zealand and Australia.
Although Brexit talks with the EU have so far failed to come to an agreement, negotiations with Japan continue with both sides hopeful of a deal in the coming weeks.
The UK wants to agree a reduction in tariffs for British agricultural products, while it is also hoped there could be increased access to Japan’s market for British financial services.
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Miles Celic, chief executive officer of financial services group TheCityUK, and a member of two of the groups, said: “The UK has a great opportunity to pursue a new generation of ambitious and innovative trade agreements.
“For financial and related professional services, a focus in those deals on enhancing liberalisation of trade in services will be key.
“It would also further strengthen the UK’s world-leading position as a global trading hub and premier international financial centre.
“I am very pleased to join two of the new trade advisory groups – closer consultation with industry will help develop our national ambitions and priorities and ultimately best support UK economic recovery in the aftermath of COVID-19.”
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With these experts offering advice to UK officials, Britain may be able break any future trade deadlocks – similar to what has been seen with the EU.
Currently, if the UK does not agree any free trade agreements before the turn of the year, Britain will have to trade on WTO terms with any potential state.
WTO regulations provide a basic floor for trade but may not offer the benefits of a free trade agreement.
While negotiations with New Zealand and Japan continue to make progress, Brexit talks have continued to stall between the UK and EU.
Last week, the two sides concluded the latest round of negotiations with both indicating a no deal Brexit may now be more possible.
The EU has indicated a deal by October would give it adequate time to be ratified by the remaining 27 member states.
In a statement, the UK’s chief negotiator, David Frost claimed the EU had been unnecessarily difficult to negotiate with in order to make progress.
In contrast, his counterpart Michel Barnier accused the UK of wasting time during Brexit talks.
He said: “Too often this week it felt as if we were going backwards more than forwards.
“Given the short time left, what I said in London in July remains true, today at this stage, an agreement between the UK and EU seems unlikely.”
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