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New trade deal options | Building future partnerships | Ecommerce growth

 
Government looks at new trade deal options
 
With post-Brexit trade negotiations high on the priority list, the government is investigating ways to secure free trade deals once it leaves the EU, and could be considering an associate membership of the European Free Trade Associations (EFTA).
 
Joining EFTA with member states Switzerland, Norway, Lichtenstein and Iceland would offer the UK “swift access to its 27 free trade deals covering 37 countries and 900 million consumers,” argues the Institute of Directors.
 
Swiss thinktank Foraus echoed the IoD’s claims in a report published last week that argues that if the UK was to join EFTA, it would gain access to valuable free trade deals, whilst avoiding the EU’s rules on free movement.
 
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Building our trade partners of the future
 
Along with negotiating trade deals with the economic powerhouses of the world, the government also plans to use Brexit to meet its commitments to the world’s poorest by providing new opportunities to increase trade links.
 
Government support for poorer countries includes supporting critical trade infrastructure like ports and roads and building trade skills to enable them to take better advantage of trading opportunities.
 
International Trade Secretary Liam Fox said “our departure from the EU is an opportunity to step up to our commitments to the rest of the world.”
 
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European ecommerce set to grow
 
The EU’s ecommerce industry is projected to enjoy 14 per cent year-over-year growth and is estimated to be worth €602 billion by the end of the year. The figures come from a new report released by Ecommerce Europe and cites several factors behind the growth.
 
As less mature countries in Eastern and Central Europe have been playing catch up, countries like Poland and Romania have seen ecommerce development spike, bolstering the continent’s overall figures. Young European consumers are also shopping more online, with more than two thirds of consumers aged 16 and 24 making online purchases frequently.
 
READ THE KEY FINDINGS
 

Thursday 07 July 2017

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