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UK-ASEAN trade was worth £39.3 billion in the four quarters to the end of the first quarter (Q1) of 2022—an increase of 12 per cent from the same period last year, according to a press release by the UK government.
UK’s PM Rishi Sunak has re-appointed member of parliament Richard Graham as trade envoy to Indonesia, Malaysia, the Philippines, and the ASEAN to boost British business in the region. The Indo-Pacific region is expected to account for the majority of global economic growth between 2019 and 2050, with demand for key industries the UK specialises in.
In 2020, the UK became ASEAN’s first new dialogue partner in 25 years as part of plans to boost trade ties with the trading bloc in Southeast Asia. The UK government has developed a new joint plan of action to strengthen security ties, deepen economic partnership, and strengthen resilience to shared challenges, such as global health security and climate change.
Graham is expected to use his skills, experience, and market knowledge to help UK businesses find new export and investment opportunities and promote UK trade in the region.
“Now is the time to future-proof our economy and seizing the post-Brexit opportunities in the Indo-Pacific will help us do it. These are some of the largest, fastest growing, and most innovative markets on the planet and they are eager to trade with us. I’m delighted to see Richard re-appointed to this role to help foster closer ties with the region, encourage British businesses to grow, and expand deliver jobs across the UK,” said trade secretary Kemi Badenoch.
In October 2022, the UK signed a memorandum of understanding (MoU) with Indonesia to boost investment in various sectors. Indonesia is currently the world’s 10th biggest economy in terms of purchasing power parity and is projected to be the fourth biggest by 2050.
The deal will help UK businesses support clean infrastructure projects across Indonesia such as tidal energy.
The UK also has a new Joint Economic Trade Committee (JETCO) with Indonesia, with the first ministerial level talks taking place in February 2022, seeking to improve trade ties in key sectors.
The UK and Malaysia have also recently agreed to upgrade its trading relationship to a JETCO, with ministerial level talks expected to begin in 2023.
Fibre2Fashion News Desk (NB)
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