Wednesday 09 December 2020
Guernsey's Chief Minister Deputy Peter Ferbrache had a positive meeting with the UK's Minister of State for Trade Policy today.
They discussed the Bailiwick's inclusion in the UK's World Trade Organization ('WTO') membership (which was already agreed but which comes into effect at the end of this month) and the way in which the UK will continue to include the Bailiwick's interests in the UK's future trade policy objectives, including potential agreements with new global partners.
Deputy Ferbrache, President of the Policy & Resources Committee, said:
"I welcomed the extremely positive meeting with Minister Hands today. It was particularly timely whilst there continue to be uncertainties about the outcome of the UK-EU future relationship negotiations. The extension of the UK's WTO membership to the Bailiwick will benefit those that trade in goods, services and intellectual property. As a result, the Bailiwick is ready to trade in accordance with any new international arrangements at the end of the UK-EU transition period on 31st December 2020. Furthermore, we can take part in various existing trade agreements that have been rolled over for the trade in goods (changing from EU-third country agreements to UK-third country agreements). The Bailiwick continues to have an ongoing third country relationship with the EU for financial services. Together, this all provides stability and continuity for Bailiwick businesses regardless of the outcome of the UK-EU negotiations.
"Minister Hands gave assurances that the Bailiwick's interests will continue to be included in the UK's future trade policy objectives. That includes enabling the Bailiwick to consider whether it wishes to be included in any trade agreements with new global partners where the Islands might have interests in trading goods, services and intellectual property - leading to new opportunities for Bailiwick businesses as a result of the UK's withdrawal from the EU.
"I look forward to continuing the constructive dialogue with the Department for International Trade about our respective trade ambitions and policy objectives."
It was announced in October 2019 that the UK's membership of the WTO would extend to the Channel Islands with effect from the end of the transition period. Membership of the WTO continues to be extremely important for certainty and stability as it ensures that Bailiwick-based businesses can access and participate within the international trading framework and it offers protection from unfair trade in goods, services and intellectual property.
The Bailiwick has also been included in the recently agreed UK-Japan Comprehensive Economic Partnership Agreement ('CEPA') and the UK-Canada Comprehensive Economic Trade Agreement ('CETA'). Potential new agreements include those being considered with the USA, Australia and New Zealand. The Bailiwick's inclusion in the UK's formal trading agreements provides stability for businesses trading in goods worldwide and potential new opportunities in services, including financial services and digital sectors.
