BIA reponse to UK Trade Strategy

The BIA submitted our response to a government consultation on the UK Trade Strategy.

The consultation sought industry perspectives on the best way to support and protect UK businesses in international contexts whilst facilitating trade to drive growth. The BIA welcomes the consultation as the UK’s life sciences sector is truly global. R&D, business, and investment partnerships between trusted international partners are a regular occurrence and critical to the functioning of the sector. International diplomacy enables UK companies to access global markets for partnerships and export, as does regulatory cooperation.

We advised that the strategy should: 

• Ensure all government teams and agencies involved in supporting life sciences trade and investment cooperate, cooridinate, and are upskilled in the business models of innovative industries.
• Prioritise tariff reduction in trade agreements and update the WTO Pharmaceuticals Tariff Elimination Agreement.
• Promote regulatory cooperation in FTAs but also pursue bilateral or multilateral partnerships, ensuring the UK has a strong and leading voice.
• Place the championing  of innovators at the heart of the trade strategy.