That is the assessment of a policy letter published by Policy & Resources, which looks at free trade agreements signed by the UK and whether Guernsey, and the wider Bailiwick, should participate.
‘The Bailiwick is a global exporter of locally manufactured products, with exports now estimated to be about £100m. annually in goods such as medical devices, electronics, software, and specialised plant equipment,’ it said.
‘A large proportion of these businesses will benefit from FTA preferential market access depending on the country of export.’
The report indicated that other potential benefits of future FTAs were ‘still to be realised’ and would be carefully considered with Sark and Alderney and with industry through bodies established such as a trade policy forum.
‘Securing preferential access within FTAs could ensure opportunities not only for goods, but also for services, such as professional and financial services and IP [intellectual property],’ said P&R in the report.
‘As the UK continues to negotiate with international trade partners, it is important that the Bailiwick’s interests are also included, where relevant, proportionate and practical.’