UK’s trade negotiations must continue apace
Britain’s relationship with the United States is a long-standing and important one so amid an increasingly uncertain geopolitical landscape, this week’s confirmation of the UK-US trade deal is great news. That the UK has secured a deal which makes automotive a priority, ahead of many competitors equally eager to safeguard their own trade, should be recognised as a significant achievement. We now await details on how it will be administered.
There was further progress at the G7 summit this week with the announcement that Canada will seek to ratify the UK’s accession to the CPTPP, a move that would allow both countries to trade under the terms of the Pacific-rim pact. We hope that a strengthened economic partnership can lead to the relaunch of negotiations on a modernised bilateral UK-Canada FTA – one that reflects our close strategic ties and eliminates import duties on a permanent basis.
Diversity of export markets is important, particularly given the international headwinds our industry faces, so these latest developments – coming on the heels of recently improved UK trade relations with India and our largest market, the EU – do matter. They help provide a substantial safeguard for jobs and economic growth, and should provide a platform for future growth based on an unequivocal commitment to free and fair trade, the avoidance of tariffs on all automotive products, enhanced customs cooperation and regulatory partnership.
SMMT and our members will continue to engage globally, with a particularly busy international schedule underway – including visits to Bangkok, Stuttgart, Paris, Alabama, Johannesburg and more in the coming months. Indeed, for an export-led sector, increasing international demand for UK automotive goods is a core mission but the success of our manufacturers also depends on us having a competitive business environment. This will be the centre of discussion next Tuesday at the SMMT International Automotive Summit, the UK automotive sector’s flagship event, with hundreds of senior executives, government and media gathering in London – with this year’s edition as timely as ever.
We were delighted to announce this week that Aston Martin Lagonda’s chief executive, Adrian Hallmark, will deliver a keynote speech – an excellent addition to what is already a compelling line-up of speakers and panellists. Tickets have now sold out amid high demand – with a waiting list now in operation here – so I hope to see you there.