DIT removes 20% more trade barriers to unlock major markets for British business

The United Kingdom has damaged down lots of of trade barriers around the globe within the yr to April, opening up new alternatives for British companies, in accordance to new information revealed at the moment [Thursday 25 November].

The Department for International Trade has revealed statistics exhibiting a complete of 217 trade barriers throughout 74 nations have been eliminated over the 20-21 monetary yr, representing a rise of just about 20% on the earlier 12 months.

Trade barriers are regulatory, legislative and administrative measures imposed by different nations that prohibit the stream of products and companies. Getting rid of them makes it simpler for companies to trade around the globe as we construct again higher and increase exports.

As effectively as securing new trade agreements, DIT is utilizing its experience to take away particular person barriers wherever British companies face them and in sectors that matter most to our economic system, supporting SMEs and securing entry to new and thrilling markets.

Some of the barriers addressed over this era embrace:

  • Working with the Jordanian authorities to open up British meals exports price £32 million, by altering labelling guidelines that may assist our producers to enhance gross sales to a rustic that imports £2.5bn price of meals yearly
  • Unlocking entry to finance in Hong Kong to allow UK schooling suppliers to construct new faculties there from early subsequent yr
  • Cooperating with Indian counterparts to allow more funding in India’s £4bn insurance coverage market- 74% international possession now allowed, up from 49% – a sector during which the UK has world-class strengths
  • In Colombia, serving to British asset managers enter a inexperienced funding market price £835m per yr
  • In Bulgaria, supporting UK business to entry merchandise to develop cutting-edge know-how that may prolong the lifetime of vaccines, serving to overcome logistical and distribution challenges from the pandemic.

International Trade Secretary Anne-Marie Trevelyan stated:

“As an unbiased buying and selling nation – the UK is opening up model new alternatives in major economies around the globe. Each and each one among these 217 trade wins are implausible information for our UK companies who promote their merchandise overseas – and we are going to proceed to open doorways for the numerous more that may export more in future.

Minister for International Trade Ranil Jayawardena stated:

“In the final yr, we now have been tearing down even more buying and selling barriers than the yr earlier than – 20% more, despite Covid-19 – which is proof that Global Britain is delivering for our devoted exporters, supporting native jobs and boosting the economic system.

“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 a part of this persevering with work, more current successes have seen poultry exports allowed into Japan following a sequence of advanced negotiations. Industry estimates predict it will increase the sector by up to £65 million over 5 years, which is as well as to the 99% tariff-free trade secured when the UK-Japan Comprehensive Economic Partnership Agreement (CEPA) got here into power in October 2020.

Pork may now be exported to Mexico for the primary time which implies a possible enhance in gross sales of £50 million over the primary 5 years of trade.

Businesses dealing with market entry points may report barriers on-line utilizing our first-class digital system and discover out info on barriers which can be related to them. This contains the lately launched Export Support Service to make it simpler for British companies to discover assist with sensible questions on exporting to Europe.

Notes to Editors

  • Market Access wins are counted for monetary yr 2020/21 which runs from 01/04/2020 to 31/03/2021
  • The Digital Market Access Service (DMAS) is the inner authorities database of trade barriers dealing with UK companies that permits nearer collaboration throughout authorities in Whitehall and at abroad Posts to analyse and progress motion to attempt to resolve them the place possible.
  • DMAS isn’t a complete repository of all market entry points dealing with UK exporters, and reporting charges differ extensively throughout nations and areas. As such, mixture figures needs to be interpreted as an indicative estimate based mostly on a selective pattern.
  • The variety of nations throughout which the 217 barriers have been resolved represents the variety of totally different nations during which at the least one entry was listed as being current on DMAS. It is topic to the identical uncertainties and limitations as all DMAS statistics, as outlined above.
  • Figures on the worth of UK exports and the worth of associate nation imports are based mostly on present revealed UK and International Statistic sequence drawn from ONS and UN Comtrade datasets. Further particulars on methodology for these can be found within the DIT statistical publication: Market Access barrier statistics: Financial yr 2020/2021.

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