The purpose of this Trade Bill is to smooth the transition process of the UK leaving the European Union – to “allow the UK to continue its existing trade policy as far as possible immediately after Brexit”. The policy sits within the broader promise to support the global multilateral rules-based trade system.
This bill allows for changes to be made to UK laws, and is also important for the protection of both consumers and businesses. Its scope is restricted in that it only covers “agreements with countries with which the EU has signed a trade agreement before exit day – it does not cover “new” trade agreements”.
“Make provision about the implementation of international trade agreements; to make provision establishing the Trade Remedies Authority and conferring functions on it; and to make provision about the collection and disclosure of information relating to trade”.
It consists of 4 components:
- Continuity Trade Agreements
- Agreement on government procurement (GPA)
- Trade remedies authority
- Data collection and sharing
The bill is yet to gain Royal Assent, but this policy only promised to “introduce” the bill, not to pass the law. As promised, a Trade Bill has been introduced to Parliament. We can therefore mark this as ‘done’.
Introducing the details