United Kingdom

DIT removes 20% more trade barriers to unlock key markets for UK business

According to new data released today, the UK has broken hundreds of trade barriers around the world in the year leading up to April, opening new opportunities for UK companies. [Thursday 25 November]..

The Department for International Trade has released statistics showing that a total of 217 trade barriers were removed in fiscal year 20-21 in 74 countries. This represents an increase of almost 20% in the last 12 months.

Trade barriers are the regulatory, legislative, and administrative measures imposed by other countries that limit the flow of goods and services. Removing them makes it easier for companies to trade around the world as we build better and boost exports.

DIT not only secures new trade agreements, but also uses its expertise to remove individual barriers everywhere and in the sectors most important to the economy faced by UK companies, helping SMEs and new ones. We have access to exciting markets.

Some of the barriers addressed during this period are:

  • Open up exports of £ 32 million worth of UK food by working with the Jordanian government to change labeling rules to help producers increase sales to countries that import £ 2.5 billion worth of food annually.
  • Unleash access to Hong Kong’s finances and enable UK educational institutions to build new schools in Hong Kong from early next year
  • Working with Indian counterparts to enable more investment in India’s £ 4 billion insurance market-currently 49% to 74% foreign ownership is allowed-UK is world class Sectors with strengths
  • In Colombia, we help UK asset managers enter the £ 835m annual green investment market.
  • Bulgaria will support the UK’s business in accessing products to develop cutting-edge technologies to extend the life of vaccines and help overcome pandemic logistics and distribution challenges.

Anne-Marie Trevelian, Minister of International Trade, said:

“As an independent trading nation, the UK is opening up entirely new opportunities for major economies around the world. All of these 217 trade winds wins are great news for UK companies selling their products abroad. And we will open the door to many companies that export more in the future.

Ranil Jayawardena, Minister of International Trade, said:

“Last year, despite Covid-19, we removed even more trade barriers than the previous year. This is what Global Britain offers to dedicated exporters to support local jobs and the economy.

“This is just the beginning. Let companies across the country learn about the next barriers to tackle and focus on what they do best: manufacture world-class products and sell them to the world. I want to do it. “

As part of this ongoing work, recent success has resulted in a series of complex negotiations that have allowed poultry to be exported to Japan. Industry estimates suggest that this will increase up to £ 65m over five years. This 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 now be exported to Mexico for the first time. This means that the first five years of trade could increase sales by £ 50m.

Companies facing market access issues can also use our first-class digital systems to report barriers online and find information about the barriers associated with them. It includes a recently launched export support service that makes it easy for UK companies to find help with practical questions about exporting to Europe.

Notes to the editor

  • Market access wins count in the 2020/21 fiscal year from January 4, 2020 to March 31, 2021.
  • The Digital Market Access Service (DMAS) is an in-government database of trade barriers facing UK companies, enabling close collaboration between governments within Whitehall and at post offices abroad, where possible. Analyze and proceed with actions to resolve.
  • DMAS is not a comprehensive repository of all market access issues facing UK exporters, and reporting rates vary widely by country or region. Therefore, the aggregated value should be interpreted as a metric estimate based on the selected sample.
  • The number of countries where the 217 barrier has been resolved represents the number of different countries listed as having at least one entry in DMAS. As outlined above, all DMAS statistics have the same uncertainties and limitations.
  • UK exports and partner country import figures are based on existing published UK and international statistics series extracted from ONS and UN Comtrade datasets. For more information on these methodologies, see DIT Statistics Publications: Market Access Barrier Statistics: Fiscal Year 2020/2021.

DIT removes 20% more trade barriers to unlock key markets for UK business

SourceDIT removes 20% more trade barriers to unlock key markets for UK business

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