WASHINGTON, July 24 (Xinhua) -- Britain's International Trade Secretary Liam Fox on Monday voiced continuing support for free trade and the rules-based global trading system, as the country prepares to leave the European Union (EU).
"The principles of free and open trade have underpinned the multilateral institutions, rules and alliances that helped rebuild post-war Europe and the world beyond," Fox said in a speech at the American Enterprise Institute, a think tank based in Washington D.C.
"We must lead by example, and work to encourage our trading partners across the world to support, and adhere to, the rules-based global trading system," he said, vowing to "build a truly global Britain" in the post-Brexit era.
While the World Trade Organization (WTO) needs "some refurbishment", "that does not mean that we should abandon its principles and processes," Liam said.
Fox arrived in Washington D.C. on Monday for the first meeting of the U.S.-UK Trade and Investment Working Group, aiming to strengthen bilateral relationship with the United States as Britain is leaving the EU.
"As a priority, the working group will seek to provide stability, certainty and confidence for businesses on both sides of the Atlantic. Indeed, the first discussions will focus on providing commercial continuity as the UK leaves the EU," he said.
Fox noted that the working group would also "provide a springboard", and lay the groundwork for a comprehensive free trade agreement between Britain and the United States.
"For the most advanced economies like the United States, or the UK, where almost 80 percent of our economic activity is services-based, we can afford to seek closer partnerships with those whose demands complement our output, not necessarily those who are geographically proximate," he added.
Britain supports the conclusion of the Trade in Services Agreement as soon as it is practicable, so as to build an international framework for the global service sector and the wider knowledge-based economy, said the official.
Fox also signaled that Britain is unlikely to finalize a free trade deal with the EU before the country formally leaves the 28-member bloc scheduled in March 2019.
"It would be nice to think we could get a full free trade agreement by the time we get to March 2019, but that would be an optimistic view of recent free trade agreements," he said.
