PRIME minister David Cameron has hailed a “historic” world trade agreement, which will boost the UK economy by more than £1bn a year.
The deal, struck at the World Trade Organisation talks in Bali, will reduce red tape and make it easier for businesses to trade across borders. “This deal will help boost our exports, meaning that UK companies can grow and employ more people. If just 100,000 small businesses either start exporting or spread to new markets over the next five years, this would generate an extra £30bn for the UK economy and create 100,000 new jobs,” Cameron said.
He added that the deal would have a particular impact on small and medium-sized businesses, who are hit hard by the administrative costs of exporting. The agreement will reduce bureaucracy at borders.
Business secretary Vince Cable said the deal would also benefit developing countries, with around 10 per cent of the gains going to sub-Saharan Africa. He said that getting agreement on all sides was “hard work” and congratulated those involved.
John Longworth, director general of the British Chambers of Commerce, also welcomed the plans: “If trade deals can provide freer movement of good across borders then they will fuel trade for all businesses,” he said, adding that similar agreements could ultimately make trading blocs redundant.