Looming US-China trade wars risks leaving us all less prosperous
Monday, 11 June 2018
With the start date looming for American tariffs on Chinese goods, China and the US are on the brink of a £75 billion trade war, with profound implications for global prosperity.
The latest round of talks ended without a breakthrough, and with a resolution seemingly far from sight. Whilst Beijing issued a tough warning to President Trump over impending tariffs on Chinese goods, the President responded to the issue on twitter, claiming “the US has been ripped off by other countries for years on trade, time to get smart!” China has however said it is willing to increase imports from other countries, including the US, presenting itself as the voice of free trade and challenging the US “America first” rhetoric.
New African free trade deal promises to be a transformative pathway from poverty
Monday, 26 March 2018
Last week's creation of the African Continental Free Trade Area (CFTA) brings into being one of the world's largest free trade blocs, which promises to open the continent's economies to unprecedented trade and investment.
Trade between African nations remains comparatively low, accounting for only around ten per cent of commerce on the continent. CFTA, agreed at the AU's recent summit in Kigali, is designed to change that, by allowing the free flow of goods and services between its members. The UN Economic Commission for Africa (UNECA) has estimated its impact could increase intra-African trade by as much as 52 per cent by 2022, compared with trade levels in 2010.
Radomir Tylecote tells City AM that joining the Trans-Pacific Partnership (TPP) would be a true statement of intent by global Britain
Thursday, 4 January 2018
Participating in City AM's debate with Labour MP Alison McGovern, Radomir argued that membership of TPP would demonstrate Britain’s new trading independence.
The TPP is one of the most advanced trade agreements in the world, but doubters have suggested that, not being a Pacific nation, Britain should not or cannot join. Not so. TPP is an open agreement, and signatories have indicated they want us on board.
But we won’t be able to join in just any circumstances. We will need control over not only tariffs, but also regulations currently determined by the EU. Many do not meet TPP standards – for example, in data flows and agriculture – as they favour incumbents, harming consumer welfare. Being ready to join the TPP, and other agreements, will require that we determine regulations ourselves.
Asia-Pacific is the fastest growing region in the world, and the TPP gives Britain a trading opportunity we should not miss.
You can access the full debate here
Mutual Interest: How the UK and EU can resolve the Irish border issue after Brexit
Monday, 11 September 2017
Legatum Institute's Director of Economic Policy and Prosperity Studies and chair of our Special Trade Commission, Shanker Singham along with authors Austen Morgan, Victoria Hewson and Alice Brooks, set out the steps to minimise potential disruptions at the Irish border, so that we can ensure a future for the UK and the Republic of Ireland that is open and inclusive, that creates growth and jobs, and encourages innovation and enterprise.
Read the paper here.
Shanker Singham tells BBC Radio4 that Crawford Falconer is the best man to negotiate our trade deals
Saturday, 26 August 2017
Crawford Falconer, a trade negotiator from New Zealand and former Commissioner with our Special Trade Commission, has been appointed by the Government as chief trade negotiator for the many trade deals that need to be made once Britain has left the EU.
This is a massive undertaking and BBC Radio4 sought the views of friends, family and colleagues to shed light on Crawford's career and see if he's up to the task ahead.
Shanker Singham, Chairman of our Special Trade Commission, is confident Crawford has what it takes. He said in the interview:
"There's more than just knowledge and experience in having done negotiations. There are of course lots of people who have done that. It's also the character that you bring to this. You're going to have to have someone who is optimistic, who is vision oriented and who can see the big picture...You need somebody there who's got their eye firmly on the prize of success. One of the things about Crawford is he does have that."
Listen to the BBC Radio4 interview here.
In the Daily Telegraph Shanker Singham sets out the steps to ensure prosperity comes through free trade
Friday, 18 August 2017
Free trade and competitive markets have been the biggest force for poverty reduction since the Second World War. The UK must ensure that as it leaves the EU and re-engages with the world, it does so in such a way that allows free trade to benefit the British people, as well as peoples from other parts of the globe.
The Government’s recently released customs paper seeks to ensure that free trade works for the British people by recommending an approach to customs arrangements between the UK and EU, while also allowing us to deepen our trade relationships with the rest of the world.
At the Legatum Institute, we made a series of recommendations in our earlier paper, "Brexit and the Supply Chain". While there has been much focus on arrangements immediately after we exit the EU, the most important thing right now is that we stop negotiating with ourselves and engage with our European partners on the ultimate free-trade agreement with the EU.
Read the full article here
Shanker Singham discusses how to reinvigorate the World Trade Organization with experts from around the world
Friday, 11 August 2017
Shanker Singham, Chairman of our Special Trade Commission, joined the UK's Permanent Representative Julian Braithwaite and trade representatives from numerous countries to examine whether the stimulus provided by Brexit could provide fresh impetus for the WTO services agenda. Those attending suggested that they expected the UK to play a future leadership role within the WTO as the world's fifth largest economy. Yet they argued that Britain's role as the world's second biggest exporter of services also offered an opportunity to revive the WTO services agenda, which is widely considered to have made minimal progress over the past two decades.
Shanker Singham writes in City A.M. that it's crucial the UK has a clear trade policy on day one of Brexit
Thursday, 10 August 2017
Responding to the increased confusion about what Brexit will look like for the UK, Shanker explains in City A.M. that without a clear plan with instills confidence the rest of the world will move on without us.
He says that both the UK and EU must promptly declare their intentions to agree a trade agreement. Shanker goes on to say that if we are to make the most of the trade opportunities before us we must make effective plans now that can be implemented as soon as Brexit happens.
"The UK must be able to provide the clarity of being out of the Customs Union and EEA on day one of Brexit, with a regulatory base-line that will result from the porting over of most EU law through the Great Repeal Bill. That way, other countries know exactly what they are dealing with, and can conclude deals as soon as they are ready."
Read the full article here.
In ConservativeHome Shanker Singham sets out the reasons why we must leave the European Economic Area and Customs Union
Saturday, 8 July 2017
Some of the benefits of leaving the EEA and Customs Union and entering a new trade deal include:
- Improving the UK's domestic economic environment
- Making trade deals with countries bilaterally
- Improving the global rules by taking a more active role in the WTO and other global bodies
Shanker wrote that, "other countries are looking at the UK as being a potential partner whose attraction is not only its size, but also the fact that we would be more open than the EU with respect to out regulatory structure and domestic environment. If we are merely identical to the EU but smaller, we will not be a particularly attractive partner."
He concluded by saying, "policymakers should not be surprised, if they choose to remain in the Customs Union, EEA or EEA agreement for any length of time, that our trading partners will choose other players to dance with."
Read the full article here.
Former Trade Minister says UK has the chance to be a global trade leader
Friday, 28 April 2017
The Legatum Institute is committed to playing a positive role in mapping out Britain's post-Brexit future which is why we partnered with Prosperity UK to deliver our inaugural conference. With leading policy makers, politicians, academics and business people from across the globe, the conference was successful in generating ideas and creating a positive vision for the UK to flourish after leaving the European Union.
Sir Lockwood Smith, a former New Zealand Trade Minister and former High Commissioner to the UK, offered valuable insights from his time negotiating trade deals. In an excerpt from his speech to the conference he shares his optimism for UK's trade prospects.
A Blueprint for UK Trade Policy
Wednesday, 26 April 2017
In this paper Shanker Singham, Chairman of the Legatum Institute's Special Trade Commission, sets out a blueprint for pursuing trade policy after Brexit.
Brexit could lead UK to avoid TTIP snags in trade negotiations with U.S.
Wednesday, 19 April 2017
Chairman of Legatum Institute's Special Trade Commission, Shanker Singham spoke with Inside U.S. Trade's World Online, a leading platform for trade news and development. Shanker said he expects the UK to break away from the EU on issues such as financial services regulatory cooperation, standards setting, and agricultural non-tariff barriers -- all significant points of contention between the EU and U.S. during the now-stalled TTIP talks. Such moves could pave the way for easier negotiations between the U.S. and UK, he believes.
Read the full article here.
Antigua Observer: British economist says go to London now
Thursday, 13 April 2017
In the Antigua Observer, Chairman of Legatum Institute's Special Trade Commission, Shanker Singham dismissed the many gloomy post-Brexit outlooks for trade between the UK and the Caribbean, instead urging Antigua & Barbuda to engage London immediately on new trade arrangements. Those arrangements will benefit from a number of key UK policy changes resulting from its already determined 2019 exit from the European Union.
Read the full article here.
Facing the challenges of Brexit
Wednesday, 5 April 2017
Senior Fellow, Matthew Elliott was a keynote speaker at a business conference in Berlin on ‘Facing the challenges of Brexit’. The conference was organised by INREV, the pan-European association for Investors in Non-Listed Real Estate Vehicles. Matthew spoke alongside Karel Lannoo, CEO of the Centre for European Policy Studies (CEPS).
Shanker Singham comments on this week's triggering of Article 50.
Thursday, 30 March 2017
Chairman of Legatum Institute's Special Trade Commission, Shanker Singhamwrites that it is crucial we make the most of the trade opportunities before us now that Article 50 has been triggered. This will ensure Britain flourishes and propers post-Brexit.
Both sides want a Brexit trade deal - here's where to start: Shanker Singham writes for CapX
Monday, 27 March 2017
Chairman of Legatum Institute's Special Trade Commission, Shanker Singhamsays for the UK, the ultimate goal is not a deal with the EU, important though that is. It is a comprehensive and independent trade policy. That policy should be built on four fundamental pillars: what we can do unilaterally, bilaterally, plurilaterally and multilaterally.
Read the full article here.
Legatum Institute responds to George Osborne’s BCC speech
Tuesday, 28 February 2017
LONDON— Chair of the Legatum Institute’s Special Trade Commission, Shanker Singham, responds to former Chancellor George Osborne’s remarks at the British Chambers of Commerce conference today - 28th February.
Brexit: A Pathway Forward
Wednesday, 11 January 2017
(from left to right) Shanker Singham, Director of the Economics of Prosperity Programme, David Davis, State Secretary for Exiting the EU, Tim Hames (Director General of the BVCA) and Philippa Stroud, CEO of the Legatum Institute.
As part of the Legatum Institute's Business Forum, the Secretary of State for Exiting the European Union, David Davis, expanded on the strategy for Brexit negotiations, the most important and sensitive task for the UK Government in the coming months.
He confirmed the Government's intention to trigger Article 50 at the end of March 2017, begining the two year period of negotiation with the EU and that their intention was to “minimise the costs and maximise the benefits” of whatever the relationship would be in the future.
We were extremely grateful for the support of the BVCA for this event
Legatum Institute Special Trade Commission
Tuesday, 20 December 2016
The Legatum Institute Special Trade Commission (STC) was created in the wake of the British vote to leave the European Union. At this critical historical juncture, the STC aims to present a roadmap for the many trade negotiations which the UK will need to undertake now. It seeks to re-focus the public discussion on Brexit to a positive conversation on opportunities, rather than challenges, while presenting empirical evidence of the dangers of not following an expansive trade negotiating path.
New American Leadership, Brexit and What’s Next
Thursday, 17 November 2016
The Legatum Institute, in partnership with the Manhattan Institute
, hosted a one-day conference on some of the most important issues facing the next American Administration, and the related implications on the 'Special Relationship' with post-Brexit Britain.
Brexit Britain Can Be a Catalyst for Global Free Trade
Monday, 10 October 2016
We need a new strategy that develops competition and free trade for Britain and the world says Shanker Singham, Director of Economic Policy & Prosperity Studies and Chairman of the Legatum Institute Special Trade Commission (Reaction)
Trade Tools for the 21st Century
Friday, 30 September 2016
Shanker Singham and Molly Kiniry are the authors of a new Legatum Institute study that outlines the difficulties that are faced by modern trade agreements, which include powerful political forces opposing globalisation and the rising tide of protectionism, populism, and nationalism.
Global Trade Policy and Threats to the Global Economy
Thursday, 29 September 2016
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.
Fox Declares Trade Ministry ‘Open For Business’
Thursday, 8 September 2016
Britain’s settlement with the EU will depend in part on how well it appears to have proceeded with the non-EU trade talks, writes Shanker Singham, Director of Economic Policy & Prosperity Studies and Chairman of the Legatum Institute Special Trade Commission (Financial Times)
Brexit is About to Open Up a World of Opportunity
Thursday, 8 September 2016
Released from the strictures of the European Union, Britain can once more take its place at the centre of a network of trading relationships and agreements, writes Shanker Singham, Director of Economic Policy and Chairman of the Legatum Institute Special Trade Commission (The Times)
Post-Brexit Briefing: Financial Services
Thursday, 8 September 2016
In this briefing, the Legatum Institute's Special Trade Commission (STC) focused on how the UK’s vibrant financial services sector can be best served in the Brexit negotiations with Europe. The conversation was led by Steve Baker, MP for Wycombe and Treasury Select Committee member.
A Good UK-EU Trade Deal is Good for the World
Tuesday, 6 September 2016
If handled well and with care Brexit offers future trade partners many potential advantages says Shanker Singham, Director of Economic Policy & Prosperity Studies and Chairman of the Legatum Institute Special Trade Commission (Reaction)
New Trade War Threatens Global Order as TTIP Talks Stall
Saturday, 3 September 2016
The failing support and popularity for TTIP has much to do with a lack of governmental PR and information but Britain can still prosper post-Brexit. Shanker Singham, Director of Economic Policy and Chairman of the Legatum Institute Special Trade Commission is quoted in the Daily Telegraph.
Britain Can Get a Much Better US Trade Deal Than the EU's Failing TTIP
Tuesday, 30 August 2016
While TTIP stumbles on towards an unknown destination, post-Brexit Britain has a chance to forge a better trade deal with the US writes Shanker Singham, Director of Economic Policy and Chairman of the Legatum Institute Special Trade Commission. (City A.M.)
Brexit Britain Has a Historic Opportunity To Reshape Global Trade
Monday, 22 August 2016
Brexit represents a historic opportunity for Britain to reclaim its leadership role in promoting open trade, competition and the protection of property rights says Shanker Singham, Director of Economic Policy & Prosperity Studies and Chairman of the Legatum Institute Special Trade Commission. (Reaction)
Brexit Doomsday? Britain's Many Surprises
Friday, 12 August 2016
Quoted in an article for Voice of America, Shanker Singham, Director of Economic Policy & Prosperity Studies at the Legatum Institute discusses the issues surrounding Brexit and the opportunities to build a vibrant trade network.
Launch of the Legatum Institute Special Trade Commission
Thursday, 21 July 2016
The Legatum Institute has launched a new Special Trade Commission (STC), created in the wake of the British vote to leave the European Union. The STC aims to present a roadmap for the many trade negotiations which the UK will need to undertake at this critical historical juncture.
Unshackled from the EU, Britain Must Choose Its Trade Partners Wisely
Monday, 18 July 2016
Following the UK’s choice to leave the European Union, the government must not rush into trade deals with other countries and complacently believe they all require a uniform approach to trade negotiation, writes Shanker Singham, Legatum Institute’s Director of Economic Policy & Prosperity Studies (CapX)
The UK Needs a Special Trade Representative
Thursday, 7 July 2016
Following Brexit, the UK must appoint a special trade representative to ensure it gets the best possible deal for Britain, writes Shanker Singham, Director of Economic Policy & Prosperity Studies at the Legatum Institute (Reaction)
Trading Up: New Ideas for UK Exports
Friday, 17 June 2016
Emily Redding is the author of a new paper that raises some of the major issues faced by UK exporters, and offers policy recommendations for how these issues can be addressed in order to improve the UK’s export market and overall productivity.
UK Risks Missing £1Trillion Exports Target, Warns Think Tank
Thursday, 16 June 2016
LONDON—The UK risks missing its target of increasing exports to £1trillion by 2020 unless it abandons its misplaced focus on boosting the number of SMEs who export their goods and services and instead concentrates on helping existing exporters build permanent footholds in new markets.
Britain’s Trade Future in Question if Brexit Happens?
Tuesday, 7 June 2016
Obama has warned that Britain will lose its preferred position at the TTIP negotiating table if it leaves the EU. But that's not how trade deals are done, argues Shanker Singham, Director of Economic Policy and Prosperity Studies at the Legatum Institute (Voice of America)
Why Free Trade Works
Wednesday, 11 May 2016
A world of open trade, where competition on the merits is the economy’s organising principle, is a world that delivers growth, hope and opportunity in a sustainable, fair and more equitable manner, writes Shanker Singham, Director of Economic Policy and Prosperity Studies at the Legatum Institute (CapX).
Britain's Future in the World: A Time of Choosing
Thursday, 5 May 2016
As the EU referendum approaches, the Legatum Institute hosted a debate on Britain’s role in the world with Steve Baker (MP for Wycombe), Gideon Rachman (Financial Times) and Anne Applebaum (Legatum Institute).
Great Britain’s Role in the World
Wednesday, 20 April 2016
The dawning realisation that Britain has never, and will never commit to political union, means that regardless of what happens in the Brexit referendum, Britain is on a path to an alternative 'landing zone', writes Shanker Singham, Director of Economic Policy and Prosperity Studies at the Legatum Institute (CapX)
Cottonopolis: Manchester, the Growth and Growing Pains of a Modern City
Tuesday, 19 April 2016
In the third History of Capitalism lecture for 2016, Victoria Bateman, Fellow in Economics at Cambridge University's Gonville and Caius College, charted the rise of Manchester, discussing the growing pains involved in its rapid growth into a truly international city.
Saving Britain’s Steel Industry: From Redcar to Port Talbot
Friday, 1 April 2016
The British government must act now to ensure its trading partners deliver not only open trade, but equally importantly competitive markets inside the border, undistorted by anti-competitive practices and policies, writes Shanker Singham, Director of Economic Policy and Prosperity Studies at the Legatum Institute (CapX)
Trump/Sanders Policies Could Cost Six Million American Jobs
Friday, 11 March 2016
The protectionist policies put forward by US Republican candidates, Donald Trump and Bernie Sanders, will be the biggest job-killer we have seen since the Great Depression, writes Shanker Singham, Director of Economic Policy and Prosperity Studies at the Legatum Institute (CapX)
Lubeck and the Hanseatic League: The Birthplace of the Common Market
Wednesday, 10 February 2016
In the first lecture of the 2016 History of Capitalism series, David Abulafia, Professor of Mediterranean History at Cambridge University and Legatum Fellow, told the story of the Hanseatic League and the city of Lubeck that lay at its heart.