UK aims to boost trade with Southeast Asian countries

UK–Association of Southeast Asian Nations (ASEAN) trade increased by over 20 per cent last year—worth £47 billion—but there is a 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 UK’s department for business and trade said in a press release.

The minister recently joined the 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.

“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,” said Huddleston.

The visit comes just weeks after business and trade secretary Kemi Badenoch 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 gross domestic product (GDP).

It also follows the resolution of over £600 million worth of trade barriers over five years in the financial year 2022-23 that were hampering UK businesses from selling to Asia Pacific.

Earlier this year, Badenoch made the removal of these trade barriers one of her top five priorities, committing to lifting 100 of the most significant hurdles.

ALCHEMPro News Desk (NB)