The United Kingdom has broken down hundreds of trade barriers around the world in the year to April, opening up new opportunities for British businesses, according to new data published
The United Kingdom has broken down hundreds of trade barriers around the world in the year to April, opening up new opportunities for British businesses, according to new data published today [Thursday 25 November].
The Department for International Trade has published statistics showing a total of 217 trade barriers across 74 countries were removed over the 20-21 financial year, representing an increase of almost 20% on the previous 12 months.
Trade barriers are regulatory, legislative and administrative measures imposed by other countries that restrict the flow of goods and services. Getting rid of them makes it easier for businesses to trade around the world as we build back better and boost exports.
As well as securing new trade agreements, DIT is using its expertise to remove individual barriers wherever British businesses face them and in sectors that matter most to our economy, supporting SMEs and securing access to new and exciting markets.
Some of the barriers addressed over this period include:
- Working with the Jordanian government to open up British food exports worth £32 million, by changing labelling rules that will help our producers to increase sales to a country that imports £2.5bn worth of food annually
- Unlocking access to finance in Hong Kong to enable UK education providers to build new schools there from early next year
- Cooperating with Indian counterparts to enable more investment in India’s £4bn insurance market- 74% foreign ownership now allowed, up from 49% - a sector in which the UK has world-class strengths
- In Colombia, helping British asset managers enter a green investment market worth £835m per year
- In Bulgaria, supporting UK business to access products to develop cutting-edge technology that will extend the life of vaccines, helping overcome logistical and distribution challenges from the pandemic.
International Trade Secretary Anne-Marie Trevelyan said:
“As an independent trading nation – the UK is opening up brand new opportunities in major economies around the world. Each and every one of these 217 trade wins are fantastic news for our UK businesses who sell their products abroad – and we will continue to open doors for the many more that will export more in future.
Minister for International Trade Ranil Jayawardena said:
“In the last year, we have been tearing down even more trading barriers than the year before – 20% more, in spite of Covid-19 – which is proof that Global Britain is delivering for our dedicated exporters, supporting local jobs and boosting the economy.
“This is just the beginning. We want businesses in every corner of the country to tell us about the barriers they want us to tackle next, so they can focus on what they do best – making world-class products and selling them to the world.” .
As part of this continuing work, more recent successes have seen poultry exports allowed into Japan following a series of complex negotiations. Industry estimates predict this will boost the sector by up to £65 million over five years, which is in addition to the 99% tariff-free trade secured when the UK-Japan Comprehensive Economic Partnership Agreement (CEPA) came into force in October 2020.
Pork can also now be exported to Mexico for the first time which means a potential increase in sales of £50 million over the first five years of trade.
Businesses facing market access issues can also report barriers online using our first-class digital system and find out information on barriers that are relevant to them. This includes the recently launched Export Support Service to make it easier for British businesses to find help with practical questions about exporting to Europe.
Source: DIT