According to newly published data, the UK has removed or reduced hundreds of trade barriers around the world in the year to April 2021.
The Department for International Trade’s (DIT) latest statistics showing a total of 217 trade barriers across 74 countries were removed over the 20-21 financial year.
The cutting of red tape is helping opening up new opportunities for British businesses in different global markets.
Most trade barriers include regulatory, legislative and administrative measures imposed by other countries that restrict the flow of goods and services.
By removing barriers or reducing their impact, UK businesses should find it easier to trade around the world and vice versa.
Some of the hinderances to trade have been eliminated within the new trade agreements secured post-Brexit, but the DIT is also using its expertise to remove individual barriers wherever British businesses experience them.
According to the DIT’s latest report, some of the barriers addressed over this period include:
- Working with the Jordanian government to open up British food exports worth £32 million, by changing labelling rules.
- Unlocking access to finance in Hong Kong that will help UK education providers to build new schools there in 2022.
- Cooperating with Indian counterparts to enable more investment in India’s £4 billion insurance market.
- Helping British asset managers enter a green investment market worth £835m per year in Colombia.
- Supporting UK business to access products to develop cutting-edge technology in Bulgaria that will extend the life of vaccines
Responding to the latest report, International Trade Secretary, Anne-Marie Trevelyan said: “As an independent trading nation – the UK is opening up brand new opportunities in major economies around the world.
“Each and every one of these 217 trade wins are fantastic news for our UK businesses who sell their products abroad – and we will continue to open doors for the many more that will export more in future.”
Businesses dealing trade barriers or struggling with market access are being encourage to them online using the DIT’s digital systems, which can be found here.
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