Understanding Asia – ASEAN and CPTPP

UK exports are changing, it’s becoming increasingly important for UK businesses to look at new and growing export markets. Asia is a particularly important market to begin exploring.

The UK government has made it a priority to strengthen trade ties with Asia and to put greater incentives in place for UK businesses to begin exporting there. Join us and the Department of Business and Trade to learn more about the wider ASEAN region and learn how free trade agreements, in particular CPTPP (Comprehensive and Progressive Trans Pacific Partnership) can benefit you as an exporter.

Asia is a particularly appealing market for UK companies due to its current rapid economic and population growth. Increasing salaries mean the region has the fastest growing middle class in the world. It also boasts the highest number of millionaires and billionaires of any continent. As a result, the population of Asia has an increasingly disposable income and consumption is increasing. The demand for products and brands is at an all-time high and this is set to continue for the foreseeable future. Indeed, collectively, Asia represents 60% of the total buying power of the world. Exporting to Asia also gives UK businesses access to a population of 4.6 billion people – 75% of the world’s population.

However, trade between developing Asia and the UK is well below potential. Southeast Asia’s economy is expected to become equivalent to the third largest economy in the world by 2027, worth over £4 trillion. UK-ASEAN trade increased by over 20% last year – worth £47 billion – there is huge opportunity for more businesses across the UK to tap into this massive economy.

The UK is an attractive trade partner to Asia. Developing countries in Asia face massive future demand for technology that will help them mitigate and adapt to climate change – an area where the UK is well placed to deliver quality high-technology solutions. Likewise, the UK’s cultural and educational sectors, its financial services and aerospace industry are all in a prime position to take advantage of the structural transformation underway in countries like China, which are moving towards a post-industrial, service-based economy. As the first new Dialogue Partner to ASEAN in 25 years, the UK is well positioned to boost economic growth with this dynamic region, contributing to a more prosperous future