Progress with trade negotiations

The Department has not set out how it will measure the benefits and outcomes of...

The Department has not set out how it will measure the benefits and outcomes of its programme of trade negotiations. The Department has published impact assessments, including projected economic benefits for each of the new FTAs it is pursuing, and has set out metrics that aim to demonstrate its progress … Read more The Department has not set out how it will measure the benefits and outcomes of its programme of trade negotiations. The Department has published impact assessments, including projected economic benefits for each of the new FTAs it is pursuing, and has set out metrics that aim to demonstrate its progress in securing trade agreements in its Outcome Delivery Plan (ODP). However, the ODP measures projected, rather than secured, benefits and outcomes of each concluded trade agreement, and the Department has not set any associated targets. The Department acknowledges that these are forecasts and also that they do not cover potential wider benefits of trade deals such as productivity or geo-political impacts. It has committed to publishing regular monitoring reports for the new trade agreements with Japan and Australia and conducting comprehensive evaluations within five years to assess what has actually been achieved. However, we are concerned that without outcome-based targets, Parliament will not have the information it needs to hold the Department accountable. When considering this, the Department may 6 Progress with trade negotiations wish to emulate the six-monthly reporting exercise now being undertaken by the Department for Transport in relation to High Speed 2 following recommendations from this Committee. Recommendation: The Department should develop a set of clear and measurable outcome-based metrics with targets for its programme of trade negotiations. It should commit to regular reporting of progress to Parliament, including actual benefits and value achieved versus initial forecasts. Show less