- International Trade Minister will visit two nations
in Southeast Asia to strengthen trade with UK
- He will join Economic Ministers from each Association of
Southeast Asian Nations (ASEAN) member state in Indonesia before
co-hosting the UK-Vietnam Joint Economic and Trade Committee
(JETCO) in Hanoi
- UK trade with ASEAN countries went up more than 20% in
current prices to £47 billion last year
International Trade Minister has today set off on a
visit to two Southeast Asian countries to kickstart new
discussions aimed at ramping up UK trade with the region.
Southeast Asia’s economy is expected to become equivalent to the
third largest economy in the world by 2027, worth over £4
trillion*.
UK-ASEAN trade increased by over 20% last year – worth £47
billion – but there is huge opportunity for more businesses
across the UK to tap into this massive economy. As the first new
Dialogue Partner to ASEAN in 25 years, the UK is well positioned
to boost economic growth with this dynamic region, contributing
to a more prosperous future.
The Minister will join Association of Southeast Asian Nations
(ASEAN) counterparts in Semarang, Indonesia for the ASEAN
Economic Ministers UK Consultation to boost ties with the dynamic
and fast-growing trading group.
He will then travel to Hanoi to co-host the annual Joint Economic
and Trade Committee (JETCO) and the Trade Committee of the
UK-Vietnam Free Trade Agreement. During these, the Minister will
push forward the UK’s ambition to help UK companies sell more
products and services to Vietnam’s booming economy.
Speaking ahead of the visit, the International Trade
Minister said:
Southeast Asia offers big opportunities for British businesses.
That’s why our team of specialists has been working hard to
remove barriers to trade to help companies sell even more to this
dynamic region.
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.
The visit comes just weeks after Business and Trade Secretary
signed the treaty confirming
the UK’s accession to the Comprehensive and Progressive Agreement
for Trans-Pacific Partnership (CPTPP) – the Indo-Pacific trade
bloc now worth £12 trillion in GDP.
It also follows the resolution of over £600 million worth of
trade barriers over five years in financial year 2022-23 that
were hampering UK businesses from selling to Asia Pacific.
Earlier this year, the Business and Trade Secretary made the removal of these
trade barriers one of her top five priorities, committing to
lifting 100 of the most significant hurdles.
Specialists from the Department of Business and Trade are working
hard to boost trade across Asia Pacific, engaging governments to
resolve issues flagged by UK businesses. Thanks to their work,
British beef can now be exported to the Philippines and it is
more straightforward for UK pharmaceutical firms to offer their
products in Vietnam.
Background
- The data on resolved barriers are extracted from the Digital
Market Access Service (DMAS). It is the internal government
database of trade barriers facing UK businesses that enables
closer collaboration across government in Whitehall and at
overseas Posts to analyse and progress action to try and resolve
them where feasible.
- DMAS is not a comprehensive repository of all market access
issues facing UK exporters, and reporting rates vary widely
across countries and regions. As such, aggregate figures should
be interpreted as an indicative estimate based on a selective
sample.
- Aggregate figures on the valuation of resolved barriers are
based on DBT analysis of specific market access barriers using
the methodologies set out in the DBT
statistical publication. To calculate the aggregate
figures, the mid-point for each valuation range is added to
provide a central estimate. Further details on the methodology
for the aggregate valuation figures are published in a DBT
analytical working paper.
- GDP data sourced from the IMF World Economic Outlook April
2023 and converted from US dollars to UK pounds using the Bank of
England average spot exchange rate for 2022*
