With the UK’s negotiations to leave the European Union imminent, many businesses are unsure with what Brexit will mean for trade. Prime Minister Teresa May has that she wants to maintain a strong relationship with the rest of Europe, but will EU leaders be reluctant to allow Britain the same access to markets as they enjoyed previously?
This uncertainty means that companies who do a lot of business abroad may want to begin looking at the worldwide market for exporting and importing ahead of the Article 50 negotiations. Here’s our pick of the best locations outside of Europe for exporting goods.
Britain has attached a lot of importance to its trade ties with India and research has shown that a free trade agreement would increase trade between the two countries by 26%, with the UK’s exports increasing by around 33% per annum.
Currently, the UK’s exports to India include electrical machinery, beverages and spirits, and iron and steel. The imports from India include pharmaceutical products, clothing and accessories, and articles and leather.
The exporting and importing of these goods are expected to rise once the UK has formally left the EU, if a trade agreement has been reached. If this does happen, sellers in the UK can benefit from specialist parcel deliveries to India with courier services like, Parcel2Go, providing affordable options to ship your parcels to India.
Indonesia has the largest economy in Southeast Asia and their promising markets currently include IT products and services, financial services, clean energy and professional training.
It has been reported that Indonesia is already drawing up a trade agreement with the EU and the head of the country’s investment board says that he has agreed with British officials that their deal with the EU could be tailored to suit Britain.
With such a young population, with half of Indonesia under the age of 30, this may be an promising new market that the UK could tap in to for exports.
Morocco is an emerging market and part of a group of fast-growing nations described as “African Lions”. Their economic system is open and liberal and could be a good option to draw up a trade deal with following Brexit and for businesses to consider for exporting.
Currently, their trade with the UK is largely crude materials and fuel, machinery and transport equipment and manufactured goods. Promising markets in Morocco include education, safety and security equipment and renewable energy.
Trade negotiations are expected to be complex and uncertain as the UK prepares its negotiations to trigger Article 50 and exit the EU. We have looked at three countries that could provide the UK with exporting opportunities outside of the EU, but this is highly dependent on the country’s bargaining power once we have left Europe.