This session of the UK Trade and Business Commission took evidence on prospective UK free trade agreements with Canada and the USA.

The UK Trade and Business Commission has taken evidence on several occasions from a wide range of stakeholders on the Northern Ireland Protocol. This involved the Commission making a visit to Belfast in March 2022. In June 2022, the UK Government introduced a 'Northern Ireland Protocol Bill' proposing significant unilateral changes to existing agreements between the UK and EU.

In this special evidence session, members of the UK Trade and Business Commission visited Belfast for its first in-person meeting. This meeting focused on the operation of the Northern Ireland Protocol, hearing from representatives of the Northern Ireland business community about their experiences of operations since it came into force, interactions with those negotiating and implementing arrangements, and views on what needs to change.

Globally the main barriers to trade are no longer tariffs but differing regulations between countries. Exporters have to meet the varying requirements in different countries, which is likely to mean extra costs. However, countries may choose to vary regulations for many good domestic reasons, such as responding to consumer pressures or reduce the cost of domestic production. Finding a balance is difficult for all countries. For the UK, having just left the EU regulatory bloc, it presents a particular challenge.

Trade agreements are negotiated by national governments, though topics covered are likely to include those for which responsibility lies with devolved authorities. This is an issue faced across the world given that those topics extend far beyond tariff reduction and can see regulations bound by treaty. In the UK devolved government responsibilities affected are likely to include agriculture, services provision such as professional qualifications, and public procurement, but many more such as Scotland’s minimum alcohol pricing could be an issue.

This session of the UK Trade and Business Commission saw witnesses give evidence on the UK-EU’s relationship, and the performance of UK ministers, negotiators, and diplomats.

This meeting considered the short and long-term impact of the Trade and Cooperation Agreement on the UK’s financial services sector. Witnesses were asked to outline the nature of UK trade in financial services, the impact of barriers to trade with the EU, and opportunities available elsewhere. Whilst the supporting professional services environment in London was referenced it was not the main focus of this session. The intention was rather to focus on the detail of the financial services sector, the nature of the change from member to third country, how this affects UK trade, and what practical steps can be taken with the EU and other markets to strengthen the UK.