Business and Trade Secretary to tell G7 ‘Britain is back’ and ‘open for business’

Trade Secretary Jonathan Reynolds will deliver a message to his G7 counterparts that the UK is ‘willing to play our part on the international stage’.

Business and Trade Secretary Jonathan Reynolds (Lucy North/PA) (PA Wire)

Business Secretary Jonathan Reynolds will say a “confident, outward-looking” UK is “open for business” at the G7 trade ministers’ meeting.

He will set out the new Labour Government’s strategy to reset relations and remove barriers to trade during his first international visit as Business and Trade Secretary.

The trip comes in the same week that the new European Union relations minister heads to Brussels, and Sir Keir Starmer hosts the European Political Community summit at Blenheim Palace.

At the meeting in Italy on Tuesday, Mr Reynolds will address his G7 counterparts as well as businesses.

He will say: “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. A confident, outward-looking, future-facing UK is ready and willing to play our part on the international stage.

“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.”

He will also set out how the UK plans to work with global partners to address some of the most pressing economic challenges, including by increasing the resilience of global supply chains.

He will say: “We are not naive 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 practices are distorting free, fair trade.

“It’s why our Chancellor is pursuing a clear-eyed strategy of ‘securonomics’ – prioritising economic strength and resilience to increase market confidence and spur growth.

“Governments cannot rely on the invisible hand of the market to do this for them. Fair, open markets with healthy competition can only be achieved through purposeful interaction between governments, business, and institutions like the G7.

“It’s why the UK wants to work in partnership with you to increase supply chain resilience. Doing so gives businesses the confidence to invest and grow by planning not just for the next year but for the next decade.”

Mr Reynolds is expected to hold his first meetings with G7 counterparts at the summit, including the vice-president of the European Commission Valdis Dombrovskis and German vice chancellor Robert Habeck.

The Labour administration wants to repair the damage to relations with Europe caused by Brexit wrangling and strike a better deal with the European Union than the “botched” trade agreement signed by Boris Johnson.

On Monday, Nick Thomas-Symonds, the new European Union relations minister, headed to Brussels to stress the Labour Government’s commitment to “resetting the relationship” with the bloc.

On Thursday, Sir Keir will welcome 45 leaders from European countries to Blenheim Palace as he seeks to forge an ambitious new UK-EU security pact to strengthen co-operation and closer work on defence with key allies such as France and Germany.