BIA response to UK B&T inquiry into UK trade with the US, India and EU
The BIA submitted our response to a Business and Trade Committee inquiry on UK trade with the US, India, and EU.
The inquiry was intended to ascertain how the trade agreements between the UK and the respective country will affect people and businesses across the UK, as well as the likely economic impacts.
Effective and balanced trade agreements between the countries are essential for the resilience and growth of the UK sector, and must facilitate an environment that is conducive to the life sciences. Evaluation of the success of these agreements requires clear strategic objectives, as well as commitment from government that outcomes will be effectively implemented and enforced.
Our submission focused on the following areas of particular interest to the life sciences:
- Tariffs. Trade tariffs will hold back the growth of UK life sciences, particularly our burgeoning manufacturing businesses. We should therefore prioritise tariff elimination in FTAs and international relationships.
- Regulation. International regulatory cooperation is necessary to facilitate trade and growth. Addressing barriers is essential for company growth, while upholding UK pro-innovation regulatory frameworks.
- Intellectual property. Strong and enforceable IP protections are fundamental to life sciences innovation and investment. Trade agreements must include IP commitments that safeguard UK research, enable collaboration, and ensure that innovative companies can scale and compete globally.
- Innovation & R&D. A global ecosystem that promotes innovation and supports R&D is essential for the life sciences. Trade agreements must also promote innovation, facilitate cross-border R&D partnerships, and support investment into the life sciences.
The consultation follows on from the BIA's submission to the UK's 2025 Trade Strategy.
