Britain wants to increase its exports to 35% of GDP

August 22, 2018 8:52 pmComments Off on Britain wants to increase its exports to 35% of GDPViews: 11

Britain tradeBritain aims to increase its exports to 35% of the gross domestic product (GDP) after leaving the EU, striving to expand its trade relations with the rest of the world, according to the country’s Foreign Minister Liam Fox. However, he did not set deadlines for achieving the goals.

The Ministry of International Trade was created after the decision of the British to leave the Union in 2016. According to the agency, 400,000 companies are of the opinion that they can export goods but do not.

The ministry specified that goods and services exported last year accounted for 30% of the gross domestic product.

By outlining the country’s new export strategy to a business audience in London, Liam Fox said that Brexit is a chance to exploit the opportunities provided by the changing world trade pattern.

“We need to raise our ambitions, expand our horizons and expand the time scale. Europe is and will continue to be an important market for our goods and services, but there is a world beyond Europe and time after Brexit”, added he.

About 90% of global economic growth over the next 10-15 years is expected to be generated outside the EU.

The government points out that better use of British diplomatic ties, online tools and financial support for government exports are among the measures that are being taken to encourage companies to export.

The strategy has been criticized for lack of detail. The EU is Britain’s largest trading partner and covers 44% of British exports in 2017.

The Brexit supporters say one of the benefits of leaving the EU will be the freedom to conclude new trade agreements, regardless of the bloc.

The Brexit’s opponents say that Britain will not have the same weight in the negotiations when negotiating alone.

Liam Fox, who is a supporter of Brexit, has been around the world for the past two years to highlight the benefits of trade from co-operation with the UK following her exit from the EU and to hold preliminary talks on possible future trade talks.

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