“Freed” from the trade policy of the European Unionthe UK pursues formal economic ties with states like Georgia even as he continues to push for a comprehensive bilateral agreement with the wea senior British government trade official said on Tuesday.
To visit Atlanta during an extended tour of the United States, the Minister of State for Trade Policy Penny Mordaunt presented the UK’s new position outside the EU as an opportunity to shrug off protectionism, state subsidies and interventionism in the service of the ‘global good’ of a rules-based global economy where businesses compete on the merits of their products or services.
‘It’s really about acknowledging that trade is good in itself,’ said the Tory MP Atlanta World in an interview. “It creates growth, it alleviates poverty. It allows fantastic inventions that help the planet and save lives to be invented and brought to market faster.
But even as the UK strives to reform the world trade organization and building regulatory ties with partners that reduce barriers and strengthen supply chains, it can take a bottom-up approach to trade advocacy here in the United States
“Our newfound freedom means we can now establish formal links with states through memorandums of understanding to create change in commercial relationships, and we are exploring these wherever we go,” Ms Mordaunt said during a speech to The Carter Center moderated by World Affairs Council of Atlanta. “We now have several ongoing discussions about liberalizing regulations and increasing partnerships in key growth areas, reducing bureaucracy and increasing flexibility in key areas of economic trade between our countries.”
During a business roundtable earlier Tuesday at Atlanta Metropolitan ChamberMs Mordaunt was light on specifics regarding potential state-focused memorandums of understanding, saying that while each agreement would vary in detail, the principle of reducing friction for business would remain consistent.
Some States have expressed their interest in the mutual recognition of qualifications, others in the opening of direct discussions between regulators or the promotion of their competitive sectors. For its part, Georgia has become increasingly focused on industry clusters such as electric vehicles, film, and fintech, among others.
Either way, Ms Mordaunt said “this corner of the country” – presumably the Southern states she visited this week – seemed like a place likely to find “the fastest adoption” that could show momentum towards the bilateral trade agenda. To be a member of Portsmouth, England, Ms Mordaunt noted that local jurisdictions can often be more nimble than slow-moving national bureaucracies. She also mentioned that partners of all political persuasions during her long tour of the United States have expressed their support for a trade agreement.
— Penny Mordaunt (@PennyMordaunt) December 11, 2021
A staunch Brexit supporter whose book ‘Greater’ outlines her promise for the UK’s role in the world, Ms Mordaunt challenged the idea that leaving the EU meant embracing isolationism, noting that the UK is reorganizing its trade relations, reinventing its border and making trade a tool to empower developing economies and strengthen military alliances.
The former development minister and defense minister called Brexit proof that the US and UK share a spirit of enterprise and independence that underpins their alliance and economic drive. Embracing these ideals and strengthening the transatlantic bond can provide a much-needed shock after a period of “political and constitutional gymnastics” in both countries that has led to questions about the sustainability of democracy and capitalism since 2016.
“There is a global battle between two competing versions of capitalism, one that is controlled by democracy and organized by competition, eyes staring at the limits of the state, and one that aims for the progress of all of humanity,” Ms Mordaunt said. . “And another is a state-run version where distorting government to pursue specific ends is the chosen path.”
The UK is taking the former, she said, contrasting the country’s approach with that of the European Union, which she described as aiming to bend the policies of other countries to the whims of the bloc by “l ‘harmonization’ of regulations.
“We want the way our regulatory systems interact with others to be based on adequacy and equivalence. This is a seismic shift, and it requires a paradigm shift in the American response to maximize opportunity for all in this area. It’s not every day that a G-7 country does this – leaves the orbit of the EU to allow it to be closer to others, closer to you,” she said. in his speech.
In a chat with Global Atlanta, she clarified:
‘It’s really about trying to maximize the good and not requiring our partners to have identical regulatory frameworks, but to have, as your own Commissioner for Agriculture described to me, a appropriate trade. It may be different in different places,” she said, noting her recent meeting with Georgia’s commissioner of agriculture. Gary Black. “And actually, it’s really important for the United States, because Georgia is not the same as Caroline from the south Where Tennessee. You are all very different. And you must be, because this is your offer; it’s who you are, so we want our new system to fit.
During the Carter Center speech and business breakfast, she highlighted the economic opportunities of AUKUS, the new Indo-Pacific security framework between the United States, the United Kingdom and Australia that will help ensure interoperability between countries’ defense platforms. Regarding the geopolitical tensions with ChinaWestern allies should focus on the benefits of what the United States calls a “free and open Indo-Pacific,” she said, rather than just aircraft carriers.
“What we need to talk about is the prosperity that the rules-based order we support can deliver, and the opportunities for the nations of this region,” Ms Mordaunt said.
Trade and prosperity should be the lens through which issues such as global sustainability and aid are also viewed, she said, saying the UK can become a gateway for US businesses accessing opportunities in emerging markets and an agent of inclusive growth in the developing world, its position as an interlocutor with many key regions of the world makes it a “player on the world stage”.
“The United States must understand and recognize the new position of the United Kingdom. This is far more important than the size of its market. When America liberated it was a small economy. I hope our decision will serve as a catalyst for greater trade liberalization around the world, driven by democracy and freedom, with fairness, free markets and competition underpinning everything we do.
“Brexit is not an event for the international community to lament, nor an act of self-harm, nor an act that requires us to be punished. It is a huge opportunity for all who believe in democracy and power. of commerce as a force for good in the world.