Irwin Mitchell Welcome Involvement of CBR on New Expert Panel
Lawyers at Irwin Mitchell have welcomed news that the Department for International Trade (DIT) is set to assemble a new panel of experts to advise on the development of the UK’s international trade policy, as the end of the Brexit transition period approaches on 31 December 2020.
Comprised of five respected economic experts from around the world and led by Professor Tony Venables, BP Professor of Economics at London University, the group will meet on a monthly basis throughout 2021 to advise the DIT on the adoption of new economic and trade modelling techniques.
The announcement follows securing a key free trade agreement with Japan and will form part of government efforts to strike further trade deals once free of European rules from January 2021.
With trade negotiations in progress with the US, Australia, and New Zealand, the panel’s expertise could prove vital in securing an agreement with not only the Trans-Pacific Partnership (TTP) free trade area, but in ongoing talks with countries such as India.
Joining professor Venables on the panel are Michael Plummer, professor of international economics at John Hopkins University; Dr Graham Gudgin, honorary research associate at the Centre for Business Research (CBR) at the University of Cambridge; Dr Christine McDaniel,
senior research fellow at the Mercatus Centre at George Mason University and Dr Swati Dhingra, professor of economics at the London School of Economics and Political Science.
The panel have been tasked with bringing a modern perspective to shaping future trade models, by considering the impact of global economic developments such as technological innovation, rising protectionism and Covid-19. It is expected that the panel’s modelling work will help strike ‘British-shaped deals’ that will suit the UK economy and the country as a whole.
Expert Opinion“The new panel is a welcome addition as the UK Government builds up its suite of resources ahead of the end of the Brexit transition period. The diverse nature of the group in terms of experience and skills means their efforts could be brought to bear on everything from the TTP talks to ongoing negotiations with India.
“The DIT is going to need this sort of expertise to inform both its understanding and decision making, not just to maximise the benefits of any FTA deals struck, but to enhance the UK’s negotiating ability in a field they are going to have to get up to speed with very quickly.
“Areas of mutual interest where both sides stand to benefit can be key in trade talks and the panel will be vital in ensuring that UK business is in the best position to benefit.
“It will be interesting going forward to see where this group will sit in relation to the existing Trade Advisory Groups (TAGs) as the business of advising the DIT begins in earnest next year.” Stuart Padgham - Partner