UK-ASEAN trade ties “are thriving,” says UK Minister for Trade and Export

The Association of South East Asian Nations (ASEAN) “matters to Britain and is a key component in the UK’s drive to increase trade with countries around the world,” the UK Minister of State for Trade and Export Promotion, Baroness Fairhead, said this week.

In a comment piece highlighting the importance of ASEAN to UK trade, the Minister said 25,000 UK businesses currently export to Singapore, Malaysia, Thailand and Vietnam alone — making the grouping the UK’s second-largest global export destination after the United States.

In 2016, UK-ASEAN trade increased by 9.1% and went above £30 billion (US$40 billion) for the first time. “I expect this figure to continue to grow dramatically in the years to come,” the Minister said.

International Trade Secretary Liam Fox visited Thailand last month, and Trade Policy minister, Greg Hands, went to Singapore in April for the ASEAN Leadership Forum. Baroness Fairhead said these visits highlighted “the UK’s commitment to growing trade ties with ASEAN.”

The UK is the second largest European investor in ASEAN, with 4,000 British companies operating in Singapore alone.