Tuesday 10 January 2012

Commonwealth Growth and the UK

2012 has started with the same economic uncertainty that 2011 ended with and the UK needs to look for Partners around the world that are growing fast that can supplement the UKs existing relationships in Europe and US. The Commonwealth’s emerging markets are the obvious choice, our pre-existing relationships make doing business together easier and similar institutions and business methods can bring the cost of doing business down by up to 20%. Most Commonwealth Countries will grow at over 5% this year and all represent colossal opportunities for British companies.

Historically, Britain used to count countries such as New Zealand, India, Australia, Singapore and Canada among its leading trading partners.

Since joining the European single market, Germany, France, Holland and Belgium have assumed far greater importance to us while only five Commonwealth countries struggle to make it onto the list of top 25 export destinations.

However times could be changing. The latest overseas trade statistics show the biggest increase in exports are to our Commonwealth partners and if trends continue they are set to play a far more important part in our economic life.

In the 12 months up to the end of September our exports to India – roaring ahead with 9% growth – increased by a whopping 33.5% compared with the same period a year earlier.

Exports to Canada jumped 18.3% in the same period and those to Australia were up 30% while those to South Africa rose by 31%.

These are good improvements but there is massive potential in the Commonwealth and Britain should be at the forefront taking advantage of it.

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