As today marks the first day of International Trade Week, positive news has been announced regarding UK exporting post-Brexit, in a study conducted by The Institute of Economic Affairs.
In light of the findings, the UK Trade Secretary Kemi Badenoch has stated that she will use a keynote to “talk up” the economy, highlighting its prosperous state thanks to free trade. In her session at International Trade Week, Mrs. Badenoch’s is expected to affirm that the report’s findings prove that Brexit is proving to be successful.
The report from The Institute of Economic Affairs indicates a 13.5% increase in UK goods exports to EU countries and a 14.3% rise to non-EU nations, spanning the period before and after Britain’s departure from the EU. Furthermore, the report highlights a 14.8% surge in UK services exports to EU countries and a significant 22.1% boost to non-EU nations.
In an eventful start to November, Ms. Badenoch has already announced the impending signing of a substantial £1 trillion trade deal with Florida. Notably, this US state stands as the fourth-largest economy in America and would rank among the top 15 nations globally if considered a separate country.
Additionally, Ms. Badenoch is poised to initiate trade discussions with Turkey. She emphasises that Britain is progressing swiftly towards its objective of securing £1 trillion in exports by 2030. These developments coincide with the promising prospect of a substantial free trade agreement with India, following the UK’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year – deemed the most significant post-Brexit deal.