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Growth in world trade | India free trade deal | Trade Secretary in South-East Asia

 
Stronger global economic conditions in 2017
 
According to economists at economic forecasting group EY ITEM Club, stronger global economic conditions in 2017 will lead to a revival in the UK’s overseas trading.
 
The report released on Monday predicted that the UK economy would experience a pick-up from international trade. Net trade is expected to contribute 0.2 per cent to Britain’s GDP this year and 0.6 per cent in 2018.
 
Exports from the UK are expected to grow by 6.7 per cent this year and 5.3 per cent in 2018 and this is predicted to offset a slowdown in consumer spending.
 
Peter Spencer, chief economic advisor to the EY ITEM Club, explained: “unlike 2008 when the pound last had a big fall, we are now selling into buoyant markets. Growth in world trade, which has been in the doldrums for several years, is now stronger than at any time since the initial bounce-back from the recession in 2010.”
 
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India worth an extra £2 billion to British economy
 
A report by the Commonwealth has found that Britain will be able to increase its exports to India by more than £2 billlion per year after Brexit by cutting EU red tape, presenting significant opportunities for businesses looking to trade with India.
 
The report, titled Brexit: Opportunities for India, states that the UK and India can secure a far-reaching deal which would see the value of British exports to India rise from £4.2 billion to £6.3 billion, an increase of £2.1 billion, or 33 per cent overall.
 
Both Philip Hammond, the Chancellor, and Greg Clark, the Business Secretary, have visited India in the past month in an attempt to lay the groundwork for a future free trade deal.
 
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Trade Secretary says British business is “firing on all cylinders”
 
Ahead of the Trade Secretary’s visit to South-East Asia to drum up trade deals, he said “my message to companies and investors looking to do business with the UK is that we remain an outward-looking country, firing on all cylinders and a champion of global trade.”
 
The UK has a well-established relationship with the countries of South-East Asia and this can be seen in the export figures from the past few years. In the Philippines British exports rose by 38 per cent in 2015 and Indonesia saw an increase of 13 per cent between 2015 and 2016.
 
Dr Liam Fox also visited Malaysia, which is Britain’s second largest export market in the Association of South East Asian Nations (ASEAN). He spoke with 600 business and trade associations at an event hosted by the Malaysian Ministry of International Trade and Industry. The Trade secretary pledged to “bang the drum” for UK firms to make the most of the “vast opportunities.”
 
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Thursday 13 April 2017

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