A new report from the Tony Blair Institute emphasizes that the UK’s focus on traditional free trade agreements (FTAs) conflicts with its service-driven economy. It suggests moving towards quicker, more targeted market access deals that better align with the nation's strengths in services and digital trade. The report critiques the lengthy negotiation processes of FTAs and their diminishing returns, highlighting the faster economic impacts achievable through resolving market access barriers. As the UK approaches a new deal with the Gulf Co-operation Council, the institute urges a strategic shift in trade policy.
FTAs take years to negotiate, often centre on goods sectors of lesser significance to the UK's service-led economy, and can quickly become politically outdated.
FTAs, while really useful as a sort of bedrock base for trade policy, are actually quite underutilised by firms - they can be quite complex to get your head around.
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