Labour government ‘seeking closer relationship’ with EU, Reynolds to say
The UK is “seeking a closer relationship” with the European Union (EU), Jonathan Reynolds will say as he travels to the G7 trade summit.
The business and trade secretary will declare the UK is “open for business” at the event in Italy – his first international visit since the party’s election victory on July 4.
And the cabinet minister is also expected to state that Britain will pursue stronger ties with the European trading bloc, some eight years on from the Leave referendum result.
“We are seeking a closer, more mature, more level-headed relationship with our friends in the European Union – our nearest and largest trading partner, and we also intend to forge better trading relationships with countries around the world,” Reynolds is expected to say.
He will tell attendees that a “confident, outward-looking, future-facing UK is ready to play our part on the international stage” as the UK aims to reset its relationship with global allies.
“In the UK, we now have a strong government with an even stronger mandate from the British people. One that respects, wants to partner with and is open for business.
“My message to you today is simple – Britain is back.”
Reynolds is expected to meet with key European counterparts at the summit, which will be attended by G7 ministers and businesses, in a bid to drive Britain’s economic growth and allow firms to plan for sustained investment and economic growth over the next decade.
Meetings are set to include Valdis Dombrovskis, the Vice-President of the European Commission, and Robert Habeck, the German Vice Chancellor.
While Reynolds will also stress that the UK government is “not naïve about the scale of the challenges threatening global stability”.
“Putin’s continued onslaught on Ukraine, disruption to supply chains in the Red Sea and superpowers like China using harmful policies and practises are distorting free, fair trade.”
But he will cite Chancellor Rachel Reeves’ securonomics strategy of “prioritising economic strength and resilience to increase market confidence and spur growth” as a counter.
“Fair, open markets with healthy competition can only be achieved through purposeful interaction between governments, business, and institutions like the G7,” he will state.
The trade summit is held from July 16 to 17 in Reggio Calabria in Southern Italy.