07/02/2020 | Press release | Distributed by Public on 07/02/2020 04:29
Modelling trade is an important part of the Department for International Trade's negotiation capability. Given the significant global impact of Coronavirus, it's an appropriate time for DIT to review its trade models, as free trade agreements will play a crucial role in our economic recovery.
As part of its programme of continuous development, the department will consult with a panel of external experts and academics, led by Professor Tony Venables, BP Professor of Economics at Oxford University. The internal review will be led by DIT's Chief Economist Richard Price, drawing on expertise from other Government departments, including the Treasury.
DIT's modelling of new free trade agreements has won praise from leading commentators. The department is now reviewing its approach to take account of new techniques and insights to make sure it remains best in class. The external panel will support the development of cutting-edge models and analysis. It will also advise on a variety of issues, such as how best to incorporate wider global economic developments, how economies change with more innovation, investment and specialisation as trade increases, and how to best accommodate the impact of the Coronavirus crisis. The review will also help the department to draw on diverse thinking and expertise from across the world.
The UK has assembled a team of negotiators with a wide range of specialisations and international negotiating experience, including from the WTO and UN. DIT's world-class analysts will be able to draw from the updated trade models and inform our negotiators on which areas would most benefit the UK economy. This will help them to secure benefits for every region and nation of the UK, as well as for small business and entrepreneurs who may have suffered during this difficult time.
Liz Truss, International Trade Secretary, said: 'More trade is essential if the UK is to overcome the unprecedented economic challenge posed by Coronavirus.
'The pandemic has given oxygen to the politics of protectionism across the globe, and to those who advocate closed, statist economies.
'We will use our voice as a new independent trading nation to champion free trade, fight protectionism and remove barriers at every opportunity. This review will support our analysts, and their work supporting our trade negotiators as they seek to sign new free trade agreements.'