Hague hails ‘economic diplomacy’ as route to growth
Foreign secretary tells CBI conference that government's ambition is to 'restart the growth that will give the country influence and prosperity'
The UK government is committed to pursuing "economic and commercial diplomacy" to support its strategy of boosting exports, growth and jobs, foreign secretary William Hague told the CBI Annual Conference today.
In his keynote address Mr Hague said the ambition was to "restart the growth that will give the country its influence and prosperity" in 20 or 30 years' time.
"That is what we have set out to do - developing a concept of economic diplomacy alongside its political counterpart," he told delegates.
He rejected criticism in the media of a series of Government-led business delegations to fast-growing markets as "zealous mercantilism".
"Our approach to trade and new markets is even more important now," he said. Mr Hague highlighted the decision to open new six new embassies and up to seven new consulates in emerging markets economies including Brazil.
"We have put Britain back in the business of opening embassies again, not closing them," he said. Mr Hague, a vocal opponent of British membership of the euro, said that the eurozone crisis was the "biggest international threat to our prosperity".
"Our most important marketplace faces a worrying combination of anaemic growth and uncertainty that has serious implications for British jobs and growth," he said.
He added that the UK was lobbying its European counterparts to complete the single market including full implementation of the services directive, reduce the overall regulatory burden, and "redouble efforts" to secure access for European firms to emerging markets.
"Europe as a whole must conquer the instinct to turn inwards at a time when we need to be more outward-looking and seek opportunities where opportunities truly exist."
He praised the CBI for choosing exports as the theme of its conference. "There are few more important subjects for the future of our nation than how generate growth and find new markets for our trade.
"The Foreign and Commonwealth Office exists to defend and promote British national interests in their broadest sense. Today more than any time in recent economic history, that national interest requires use to use British diplomacy to support jobs and growth in our economy."
Read the full text of William Hague's speech
Have something to say about the CBI Annual Conference? Get in touch
