Global trade trends and Budget initiatives

The Budget signals a move towards a more open trade policy, but further broadening and deepening are essential

The Budget announcement last week of a reduction in some Customs duties and the simplification of rules for the utilisation of free trade agreements (FTAs) are positive trade policy measures. It is important that this momentum be maintained and the promised review of tariff rates in the next six months lead to an overall reduction of the average applied most favoured nation (MFN) tariffs, especially on manufacturing sector inputs. This would be useful in navigating a global trade context that is becoming increasingly nuanced. Recent updates from the UN Trade and Development or UNCTAD (July 2024) and