The Department for International Trade is today (Wednesday 3 October) hosting a roundtable event in Norwich in partnership with the CBI to seek the views of businesses based in the East of England.
The event will focus on our future trading relationships with the USA, Australia, New Zealand and potential accession to the Comprehensive and Progressive Trans Pacific Partnership (CPTPP).
Exports of goods to the USA, Australia, New Zealand and the Trans Pacific Partnership countries were worth £6 billion for the East last year. More than £1 in every £5 of the region’s goods exports went to countries covered by these trading relationship.
Getting free trade agreements with these countries will be crucial in fulfilling the new ambition set by the government’s Export Strategy to increase exports to 35% of GDP.
Members of the public can submit their views as part of four online consultations which are open until 26 October and last for a total of 14 weeks, which is two weeks longer than the European Union’s consultations on new free trade agreements.
Trade Policy Minister George Hollingbery said: “For the first time in over 40 years we will be able to determine the terms of our trade. That means new trade agreements with our key partners, as well as putting the UK at the heart of the world’s fastest growing regions such as Asia.
“The US, Australia, New Zealand and countries around the Pacific buy a seventh of all the goods the South East produces and new trade agreements will create even more opportunities for established exporters and younger start-ups alike.
“We are committed to forging new trading relationships that create jobs, boost our vital industries and benefit consumers across the whole of the UK. I urge people across the South East to seize the opportunity to visit consultations.trade.gov.uk to make their voices heard.”
Richard Blackmore, CBI East of England Director, said: “As the UK redefines its place in the world, the Department for International Trade’s consultations mark an important milestone on our journey to delivering an independent trade policy, and taking up new opportunities in key markets.
“The CBI is delighted to help support this process and help ensure businesses across the East of England take up this chance to make their voice heard, ensuring the needs of their particular sector and our region are at the heart of the UK’s trading future.”
Today’s roundtable is the fifth of 12 consultation roundtables held throughout the UK to seek views from interested parties as we deliver an approach that works for the whole of the UK.
Businesses across the East of England have already benefited from DIT support to increase exports and more assistance is available for businesses looking for new opportunities overseas.
Advanced 3D Laser Solutions (ALS), an Essex-based laser surveying company, secured a contract worth £15million in the Netherlands after attending trade show StocExpo 2018 with support from DIT. That new agreement is expected to substantially boost their revenue over the next three years.
Meanwhile, Suffolk beauty accessory retailer, Undercover Glamour, worked with DIT advisers to grow its export sales by 369% after extending their reach to more than 32 territories through e-commerce stores.
Exports of goods from the East of England last year were worth almost £77 billion, up 7.2%. The export of services from the East of England was worth an additional £11.8 billion in 2015, the latest year in which data is available.
More than a fifth of goods exports from the East – £6 billion worth – are covered by the consultations, with the USA being the East of England’s largest export market accounting for 13% (£3.78 billion) of goods by value and the CPTPP countries accounting for a further 7.59% (£2.2 billion) of goods by value.
With such potential for East of England firms in the global market, it is crucial that the region benefits fully from future trade agreements. That’s why the Department for International Trade wants to hear from all interested parties across the region.
- The consultations on the UK’s future trading relationships with the USA, Australia, New Zealand and the CPTPP can be completed online until 26 October: consultations.trade.gov.uk
- The Confederation of British Industry is a business organisation which represents 190,000 businesses of all sizes and sectors across the UK.