The Coronation must be used as a shot in the arm for trade with the Commonwealth,
Labour has demanded. Shadow trade secretary Nick Thomas-Symonds said ministers are failing to grasp trading opportunities after
Brexit . He warned that not a single new bilateral trade deal with a Commonwealth country has come into effect yet. Labour has pledged to hold a Commonwealth trade summit within its first year of government if it gets into power. Mr Thomas-Symonds said: “The Coronation is a fantastic opportunity to give a much-needed shot in the arm for Commonwealth trade. “This would not only improve exports to some of the fastest growing global economies, but also help secure access to materials that are vital to enabling the transition to green power. Tories now forecast to lose just 250 seats as Rishi Sunak avoids local
elections wipeout Labour's Nick Thomas-Symonds described the Coronation as a "fantastic opportunity" to boost trade ( Image: Getty Images) “Failing to act will see us lose out to international competitors in the green transition.” He added: “Labour’s mission is to secure the highest sustained growth in the
G7. Labour will create opportunities for
UK manufacturers to export high end innovation in areas like climate technology, healthcare and technology and improve links to import strategically important goods. The time to act is now.” Labour analysis shows UK exports are set to fall by over £51bn in 2023. Exports to the Commonwealth have fallen from 10 per cent of total UK exports in 2012 to just 8 per cent in 2022. An
India trade deal was promised by October last year, but talks appear to have stalled. It has been over a year since deals were agreed with Australia and
New Zealand, yet they have not been implemented. Countries in the Commonwealth – particularly in Asia and Sub-Saharan Africa - are among some of the fastest growing global economies. They also produce many materials that are vital to enabling the transition to green power and protecting this country’s national security. Mr Thomas-Symonds added: “The trade freedoms offered by Brexit provide an opportunity to boost Commonwealth trade, but the Conservatives have failed to grasp the chance to step up trade with some of the fastest growing economies in the world. “It beggars belief that not one new bilateral trade deal has come into effect with a Commonwealth country since Brexit.” * Follow Mirror Politics on Snapchat , Tiktok ,
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