Why UK-ASEAN trade ties are thriving
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Baroness Rona Fairhead, in an op-ed published in the Diplomat, highlights the importance of ASEAN in the UK’s drive to increase trade with countries around the world. Baroness Fairhead, who attended UKABC’s Summer Reception in May, discusses how ASEAN’s projected growth of being the fourth largest economy by 2020 leads it to be an essential region for the UK to continue trading with. Fast growing markets are key to the Department of International Trade’s purpose which is to support UK businesses in selling their goods and services around the globe.
The UK is already the second-biggest European investor in the region, supporting growth and jobs on both sides. Trade is key to the mutual progress of both sides of UK-ASEAN ties, which is why the UK is determined to improve and develop trading relations, and it is making continuous progress. Last year, UK global exports rose from £52.8 billion to £628.8 billion between April 2017 and the end of March 2018. This 9.2% increase is driven in large part by increased trade with fast-growing nations outside the EU, including those in ASEAN.
Baroness Fairhead concludes by reiterating that “Opportunities for increased trade between the UK and ASEAN will offer benefits to both our economies. That is why I am determined to help ensure that the people of both ASEAN and the UK continue to benefit over the next 50 years.”