The Government has dismantled 20 per cent more “barriers to international trade” in the last 12 months compared to previous years, a major study has revealed.
The research, published by the Department for International Trade (DIT), suggests that new opportunities are opening up every day.
According to the report, 217 trade barriers across 74 overseas territories were removed in the year to April 2021 – up 20 per cent compared to the previous 12 months.
Trade barriers are defined as regulatory, legislative, or administrative measures imposed by other countries that restrict the flow of goods and services.
Over the last year, this included changing labelling rules in Jordan to open up British food exports worth £32 million, unlocking access to finance in Hong Kong to fund new developments, enabling more foreign investment in India’s £4 billion insurance market, helping British asset managers enter the Colombian £835 million green investment market, and overcoming logistical and distribution challenges in Bulgaria.
Commenting on the 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.”
Minister for International Trade Ranil Jayawardena added: “In the last year, we have been tearing down even more trading barriers than the year before – 20 per cent more, in spite of Covid-19 – which is proof that Global Britain is delivering for our dedicated exporters, supporting local jobs and boosting the economy.”
Businesses can report trade barriers and market access issues using the Government’s Report a Trade Barrier digital service. Firms can also use the Export Support Service to identify potential challenges and find information on specific markets.
For help and advice with related matters, please get in touch with our team today.
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