Thank you, Llywydd. We have published a new document in our series of Brexit policy position papers entitled 'Trade Policy: the issues for Wales'. This is the fifth in our series of papers, which sets out how we believe we in Wales, and the UK as a whole, should respond to the very significant challenges posed by the UK's decision to leave the European Union. The paper sets out our trade policy ambitions and reflects the analytical and practical work we are doing in preparation for our exit from the European Union.

Llywydd, this paper illustrates the importance of trade to Wales. Wales is an outward-facing, globally trading nation, and we are committed to internationalism. However, we can't lose sight of the fact that a clear majority—61 per cent—of Welsh goods exports goes straight to the European Union and that our strong record of attracting inward investment reflects our historic position offering a business-friendly environment within the European single market.

The work we have undertaken over the last 12 months, including the research commissioned from the Cardiff Business School—also published last week—has only strengthened our conviction that the position we set out in last year's White Paper 'Securing Wales' Future', authored jointly with Plaid Cymru, is the right one. Continued full and unfettered access to the single market is vital to Wales's forward economic interests, as is continued participation in a customs union with the EU. We have seen no sound economic arguments to the contrary, and the recent leaks of the UK Government's analysis of our economic future outside the EU suggest that this is because there are none.

Can I just emphasise here the strong commitment of the Welsh Government to evidence-based policy? Of course, we have limited resources and, of course, we can't predict the future with any precision. But we can, and have, gathered evidence about what practical issues our larger businesses are facing as a result of the vote to leave the EU, and we will continue with further research focused on smaller businesses. We can and do listen intently to the evidence from stakeholders in Wales and beyond about the implications of different scenarios for their capacity to operate effectively in future.

It is on the basis, Llywydd, of listening to the evidence, not some ideological zealotry, that we have arrived at our position supporting the closest possible relationship with the single market and the customs union, one which is completely compatible with fulfilling the mandate from the referendum of ceasing to be a member state of the EU—a position that is also broadly in line with that of all the main business organisations as well as the TUC.

What a contrast, then, to UK Government Ministers, seemingly attacking their own civil servants for failing to come up with the right answers and simply holding their hands over their ears to blot out the rising clamour for a sensible Brexit; a Brexit that puts the interests of our economy first, not one dictated by the arbitrary red lines set out by the Prime Minister in her Lancaster House speech.  

Of course, we fully accept that there are also significant trading opportunities outside of Europe, but we don't believe that the UK Government should pursue free trade agreements at the expense of our trading relationship with our closest and most economically integrated neighbours. Building new trading relationships with other countries around the world should be seen as a complement to the relationship with the EU and not as a substitute.

Brexit poses huge challenges to our economy, but, as we set out in our paper 'Brexit and Devolution', it also raises questions about the way in which we manage inter-governmental relationships within the UK. Over the last 45 years, the European Union has had exclusive competence to manage customs and the common commercial policy—the negotiation and agreement of international trade agreements—on behalf of the UK. Once we leave the EU, although international trade will remain a reserved matter in terms of our devolution settlement, we will need deeper and more sustained co-operation between devolved administrations and the UK Government over these issues. Because trade policy will have a significant intersection with devolved powers, such as environmental standards, economic development, agriculture and fisheries, and skills and qualifications. The UK Government can't develop a trade policy fit for purpose for the whole of the UK in isolation—something that the UK Government itself recognises.

I'm not used to finding myself in agreement with Dr Liam Fox, but the trade White Paper ‘Preparing for our future UK Trade Policy’, which the UK Government published last autumn, is quite clear about this. It says,

‘The devolved administrations will have a direct interest in our future trade agreements. We will work closely with them to deliver an approach that works for the whole of the UK, reflecting the needs and individual circumstances of England, Scotland, Wales and Northern Ireland, and drawing on their essential knowledge and expertise’.

For our part, we have called for the establishment of a United Kingdom council of Ministers, which brings together devolved Ministers with UK Ministers, who should be fully engaged at all stages of the development and implementation of our future trade policy. In the shorter term, a new joint ministerial committee on international trade should be established to agree joint approaches on trade.

I commend, then, this paper to the Assembly and welcome any questions.