The Legatum Institute's Economics of Prosperity programme was pleased to host a lunch discussion with Jeff Schott, Senior Fellow at the Peterson Institute for International Economics.
In conversation with Shanker Singham, Chairman of the Special Trade Commission & Director of Economic Policy & Prosperity Studies at the Legatum Institute, Schott discussed the challenges of negotiating new, open trade deals in the context of slow economic growth and risk averse industry.
He highlighted that anti-competitive market distortions and behind-the-border barriers continue to be the biggest obstacles to global free trade. Schott also emphasised the difficulties encountered when co-ordinating the actions of independent policy actors, and the impact this could have on successful trade negotiations.
On a positive note, he suggested that in the aftermath of the Brexit vote, the UK has a variety of options it could follow as it contemplates a more open trade policy with third countries. Schott discussed existing examples of trade agreements, such as the TPP, which could serve as guides and starting points for the UK’s new trade negotiations.
About the Legatum Institute Special Trade Commission
The Legatum Institute Special Trade Commission (STC) forms part of the Economics of Prosperity programme. It seeks to re-focus the public discussion on Brexit towards a positive conversation about potential opportunities, rather than challenges, while presenting empirical evidence of the dangers of not following an expansive trade negotiating path. The STC and its commissioners will draw upon the talent of experienced former trade negotiators from the US, Canada, Mexico, Australia, New Zealand, and Singapore, among other nations. The STC will host a number of public briefings that offer advice to key stakeholders on EU negotiations.