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Given Donald Trump’s election as President of the United States of America and the UK vote to leave the EU, the world is looking at a new trade era. With this in mind, Asia House in partnership with HSBC, is taking the opportunity to discuss ‘A new trade era – what it means for Asia and the UK’.
Alok Sharma, Minister for Asia and the Pacific, Foreign and Commonwealth Office, will give a keynote speech about the future of UK trade after Brexit and how UK companies can contribute to the growing demand for services in Asia.
For decades the biggest firms operated internationally, while smaller firms tended to be domestic. Today, nimble mid-sized UK & Asian firms are entering new markets earlier in their business cycle. These ‘micro-multinationals’ tend be agile, tech savvy and look at the world with a global mindset. Their emergence is changing the ecosystem of Asian supply chains, as they challenge the dominance of the traditional big players. Many micro-multinationals can be found in the rapidly growing services sector. Globally, services are becoming more tradeable, due to the falling costs of travel, advances in digital technology and reduced barriers to trade.
Research suggests that the share of services in total world trade grew three per cent in the years 2011-15. The services sectors represent a huge exporting opportunity to the UK. Last year the country had a record surplus on trade in services of over £90 billion and exports in these sectors increased by £7.1 billion (3.2%). Services will also shape Asia’s economies. A burgeoning Asian middle class is going to demand education, healthcare, tourism and creative industries. And as skill levels in the region increase, these well-educated workers are also going to work in businesses that need, or indeed offer, services.
This Asia House Signature conference in partnership with HSBC explores how businesses, policy makers – and the societies they serve – can capture the full value of these 21st century trends.
This conference is by invitation only. To register your interest, please contact conor.paterson@asiahouse.co.uk.
