Britain's post-Brexit ambition to be a global leader in free trade may be thwarted by a global increase in protectionism, according to a report by two professors at the University of St. Gallen. The report, published on Monday, said that while Britain is likely to remain an international trading power, it will face increasing barriers as other countries seek to protect their own industries from foreign competition. Brexit itself has been interpreted as a protest against globalisation, and strong opposition has stalled two big trade initiatives, The Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnership.
Britain's post-Brexit ambition to be a global leader in free trade may be thwarted by a global increase in protectionism, according to a report by two professors at the University of St. Gallen. Despite the G-20 meeting in China vowing to "reject protectionism, promote global trade and investment," the use of protectionist measures has risen significantly, especially among G-20 members. Brexit itself has been interpreted as a protest against globalisation, and strong opposition has stalled two big trade initiatives, The Trans-Pacific Partnership and the Trans-Atlantic Trade and Investment Partnership.