UK Prime Minister Defends Free Trade

Theresa May delivered a defense of free trade on Monday, although she added that more could be done to make the global system fairer.

Speaking at the Commonwealth Business Forum in London, the British prime minister said “global growth is fragile.”

“While we should be unapologetic in our support for free and inclusive trade, we should also work hand-in-hand with businesses to make it more efficient (and) more effective,” she said.

“Playing fields can be leveled, barriers removed, the benefits opened up to all… The challenges posed by protectionism are all too clear.”

The Commonwealth is a 53-nation bloc consisting of the U.K. and its former colonies, including India, Canada, Singapore and Nigeria. It encompasses 2.4 billion people and in 2017 had a combined gross domestic product (GDP) of $10.4 trillion.

Some groups have proposed that increasing trade with the Commonwealth is an important option for the future of the U.K. after it leaves the European Union.

Currently, the Commonwealth accounts for a small part of U.K. trade. Roughly 9 percent of total U.K. exports went to the Commonwealth in 2016, dwarfed by the 43 percent that went to the EU.

via CNBC

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