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British plan to stimulate trade with emerging economies

British plan to stimulate trade with emerging economies

British plan to stimulate trade with emerging economies

Tuesday – 10th Al-Hijjah 1442 A.H. – 20 July 2021 AD Release No. [
15575]

(Reuters)

London: «Middle East

Britain on Monday unveiled a plan to stimulate trade with 70 developing countries, including lowering tariffs and easing laws, in a recent attempt by the British government to boost global trade after leaving the EU and regaining control of its trade policy.
Trade Minister Liz Truss said: “The UK is now a commercially independent country and we have a great opportunity to do things differently and take a liberal and pro – business approach that leads to growth and opportunity.”
Trade with developing countries aims to reduce the bureaucratic burden on trade between Britain and developing countries, as well as lower and middle-income countries such as Pakistan, Nigeria and Indonesia.
Since the vote to leave the EU five years ago, Britain has been seeking to negotiate new trade agreements to change what it was a party to when it was a member of the EU. “We’ve become very flexible and smart,” Truss said.
On June 28, the British and Singaporean Ministries of Commerce announced the start of negotiations to reach an agreement on a “digital economy”.
Singapore’s Minister of Commerce. Eswaran described the proposed agreement as the first agreement between Asian and European countries, saying it would create the “momentum of the UK-Singapore Free Trade Agreement” and was a broader agreement signed late last year. For his part, British Trade Secretary Liz Truss described the proposed digital deal as “highly advanced” and said it would “strengthen the UK’s position as a global hub for service trade”.
Eswaran added that the agreement would help companies “use Singapore and the UK as digital gateways to access new opportunities in Asia and Europe”. The total trade volume between Britain and its former colony, Singapore, is estimated at $ 22 billion.
On May 1, the Free Trade Agreement between Jordan and Britain came into force. Although the total trade in goods and services between the UK and Jordan will reach $ 561 million by 2020, efforts are underway to increase this number.

United Kingdom

The British economy

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