Britain’s government has removed 175 barriers to international trade in 61 countries around the world, opening up new global markets for British exporters.
In the financial year 2019/2020, the Department of International Trade (DIT) highlighted that with this British companies can now export more freely and openly and invest in global markets.
Barriers to international trade include unnecessary legal, regulatory or administrative requirements. This encompasses labeling restrictions, outdated regulations, and licensing requirements.
The government’s analysis shows that the liberalization of market access barriers could boost UK exports by £ 75 billion a year.
“This is fantastic news for British exporters. Fewer trade barriers mean that British companies in every corner of the country have a golden opportunity to realize their full potential,” said International Trade Minister Ranil Jayawardena.
He added that by regaining control of its trade policy for the first time in nearly 50 years, this shows how the country can open up and expand access to markets around the world, while supporting companies in pursuing their global ambitions.
This is even more crucial in the current economic climate, as more international trade means more jobs, helping Britain to recover.
Removing barriers to market access makes it easier for British companies to trade and invest around the world.
In addition to negotiating new free trade agreements, DIT is taking a specific approach to getting rid of trade barriers that are detrimental to UK exports and investment.
Some of the barriers to international trade raised over the past year include:
Lifting of the export ban on beef and lamb to Japan, which is worth an estimated £ 127 million during the first five years of access: approximately £ 75 million for beef and £ 52 million for lamb.
Work with the Brazilian government to make it easier for British fishermen to export products to Brazil, including salmon.
The removal of strict product labeling rules in the UAE has allowed sports nutrition company Grenade to sell to the UK’s largest export market in the Middle East.
Overseas sales account for 20% of Grenade’s annual turnover, and online sales increased 294% as the company experiences its best year of ecommerce sales to date, having surpassed 2019 sales. .