This article, based on the recently published report, UK Trade Policy: An Independent Review by the Centre for Inclusive Trade Policy (CITP), Frontier Economics and the UK Trade Policy Observatory (UKTPO), examines the evolution of UK trade policy, focusing on the rising tension between traditional growth objectives and the modern imperatives of economic security. The UK faces unique challenges as a service-oriented economy deeply integrated into global value chains. Drawing on a corpus analysis of recent UK government strategy documents, we suggest that while economic growth remains dominant, economic security appears to increasingly feature in contemporary policy discourse. The global trading system is now strained by geopolitical rivalries, ‘black swan’ events like COVID-19, technological chance, and a shift towards protectionism – most notably by the US. These developments risk challenging longstanding principles of non-discrimination, reciprocity, and rules-based governance; and require coherent policy frameworks capable of managing trade-offs between growth, security, and other objectives. We identify institutional and conceptual gaps, including the absence of a clear definition of economic security in UK policy, and propose the need for greater coherence, stakeholder consultation, and systematic evaluation to inform durable trade strategies. JEL Classification Codes: F10; F13; F52; F53; F55; K33; L52; O4; O19
Anil et al. (Thu,) studied this question.