I wrote recently in the Bolivian newspaper La Razon about the importance of free trade and the Doha Round of trade negotiations. As Prime Minister David Cameron has said, 2011 is a “make or break” year: we go forward, boosting free trade and global prosperity, or backwards to the dark ages of protectionism and beggar-thy-neighbour.
This week, the British government launched its Trade and Investment White Paper The White Paper represents an initial British government statement on the UK’s approach to Trade and Investment, in relation to three strategic goals: to maximise the opportunities for UK business; to strengthen the multilateral trading system; and to enable developing countries like Bolivia to benefit from trade and investment.
What are the key messages? First, that trade and growth are closely linked. The more protectionism there is, the more the least developed countries in the world suffer disproportionately from trade distortions. Britain will continue to be a voice for open markets. Second, if we can avoid protectionist temptations, there is huge potential over the next decade for growth in trade and investment globally. And third, that by working through the multilateral trade system, we can ensure that lower income countries integrate fully into the global market. We firmly believe that trade is a powerful tool to tackle health problems, climate change, and help rebuild and develop fragile economies, as well as re-energise regional integration.
The Trade and Investment White Paper is hugely ambitious. But it is based on solid reality. Open markets and global trade matter. And Britain will continue to make the case at home and internationally.