(I know everyone is much more excited about a different thing in the report, but there we go)
Yes, Singapore is a transhipment hub for the wider region, but
a) the UK-Singapore bilateral FTA has no impact on this for UK exports
b) increased transshipment would have shown up as increased exports to Singapore, not to to Japan and China.
If they had to speculate unsure why they didn’t say, “hey, could be the trade deal with Japan.”
Anyhow, this doesn’t really matter. Just odd.
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I mean, it's not particularly difficult to understand: if you put up large barriers to international trade, the expected result is trading becomes more expensive and difficult, and therefore there is less trade than if the barriers were not there.
🤷♂️
On specifics:
I’d expect exports of manufactured goods to rebound (in line with increasing EU demand) more strongly than UK exports of food, meat, shellfish etc which are ... not in a good place.
Rather than obsessing about services exports, UK policy-makers should focus on investment and ensuring UK remains an attractive destination for services firms to operate out of.
It is the only G7 economy that sees more than 50 per cent of its services directly exported (mode 1) from its own soil to the rest of the world.
But it can't get complacent. The UK’s decision to exit EU’s single market jeopardises its position as a hub for multinational services firms to sell to clients across Europe. Policy-makers need to ensure that the slow trickle of business moving to the EU does not become a flood.
On rules of origin, suggests that compromise found on batteries and electric vehicles (woo!)
But I have questions about the cumulation “Win” ... as the UK opening position was much more expansive than written here, and win looks like what we knew EU was offering.
I have stumbled across some information signalling that EU will agree to allow Northern Irish companies and consumers to continue benefiting from imports under EU free trade agreements (as well as UK free trade agreements). No news on exports.
But points to some good progress being made in joint committee negotiations. And I like good news.
In practical terms, if this comes into effect, would mean NI importers could still benefit from the EU FTAs UK hasn’t rolled over. It also means they wouldn’t have to demonstrate import remaining in Northern Ireland (as is case when using UK FTAs).
Would be keen to know which of labour and environmental protections covered by LPF it is the UK would like to scrap. Because I suspect the answer is actually none of them.
(i) fundamental rights at work,
(ii) occupational health and safety standards,
(iii) fair working conditions and employment standards, and
(iv) information and consultation rights at company level, and
(v) restructuring.
How about these?
i) access to environmental information, public participation and access to justice in environmental matters; (ii) environmental impact assessment and strategic environmental assessment; (iii) industrial emissions