UK Economic Diplomacy report published: CEP experts on commission
9 February 2021
The final report of the LSE Economic Diplomacy Commission, which proposes a framework for the UK’s trade agenda that seeks to balance commercial openness with strategic domestic and foreign policy aims, has been published by LSE’s foreign policy think tank LSE IDEAS.
The commission was chaired by Professor Linda Yueh, member of the CEP policy committee. The commissioners also included Dr Swati Dhingra, associate of CEP’s trade programme, Stephen Machin, director of CEP, and Lord Nicholas Macpherson, chair of CEP’s policy committee. It was set up in July 2019.
The final report UK Economic Diplomacy in the 21st Century details major opportunities and challenges in the field of economic diplomacy, including the rapid growth of services and digital trade, the stalling of multilateral trade liberalisation and rising geopolitical tensions. It sets out 10 recommendations for the UK government in the field of economic diplomacy.
It is particularly relevant for the UK as the country is setting its own trade policies for the first time since the 1970s following Brexit.
Professor Yueh, said: “The recommendations will help position the UK optimally in the changed global economy. The aim is to promote commercial openness and the global rules-based system as well as ensuring that trade and investment policies support domestic growth priorities and foreign policy aims such as the environment. By taking this comprehensive approach to economic diplomacy, the UK will be better placed to make the most of opportunities and confront the challenges of the 21st century.”