Demonstrating commitment to fortified trade ties, International Trade Minister Nigel Huddleston today embarked on a pivotal journey to both Indonesia and Vietnam.
Forecast data suggest Southeast Asia’s economy will mirror the magnitude of the world’s third-largest by 2027, with an anticipated valuation exceeding £4 trillion. Despite last year’s 20% surge in UK-ASEAN trade equating to £47 billion, a vast arena of potential awaits British businesses.
Emerging as the first new Dialogue Partner to ASEAN after a quarter-century gap, the UK stands poised to amplify economic growth in this dynamic region, heralding an era of shared prosperity.
Minister Huddleston will join hands with ASEAN counterparts at the ASEAN Economic Ministers UK Consultation Semarang, Indonesia. Subsequently, Hanoi becomes his next destination, focusing on the annual Joint Economic and Trade Committee (JETCO) and the Trade Committee of the UK-Vietnam Free Trade Agreement. Additionally, it will enhance the visibility and accessibility of UK products and services within Vietnam’s robust economy.
Minister Huddleston, before his visit, highlighted the vast opportunities for British entities in Southeast Asia: “Southeast Asia offers big opportunities for British businesses. That’s why our team of specialists has been working hard to remove trade barriers to help companies sell even more to this dynamic region.”
He added, “We know closer trade ties with exciting, thriving economies like Vietnam and Indonesia will provide a boost for the UK. I’m looking forward to seeing how our expanded links across the Indo-Pacific, including accession to CPTPP, yield economic benefits up and down the country.”
This mission trails the UK’s affiliation with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – an Indo-Pacific trade consortium now boasting a staggering £12 trillion in GDP. Business and Trade Secretary, Kemi Badenoch, solidified this bond just weeks prior.
The year 2022-23 witnessed resolutions of trade challenges worth over £600 million, previously obstructing UK’s entry into the Asia Pacific market. Secretary Badenoch prioritized this eradication, pledging the alleviation of 100 substantial challenges.
Owing to the relentless efforts of specialists from the Department of Business and Trade, British beef has successfully made its way to the Philippines. Similarly, UK-based pharmaceutical giants now find it increasingly convenient to introduce their products in Vietnam.
With such advancements, UK trade’s future in Southeast Asia stands not only promising but pivotal for global economic shifts in forthcoming years.
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