5 minute read
International Trade
international
trade Chamber signs two MOUs to boost overseas trade
Calling all London-based exporters: are you struggling to get the right support to help you find new overseas markets for your products and services? Then look no further, because your local Chamber of Commerce has struck two agreements to boost international trade in countries that might just be the perfect places for those products and services.
The first agreement – or memorandum of understanding (MoU), to give it its proper name – is with the Lahore Chamber of Commerce and Industry (LCCI) in Pakistan. The idea is to increase cooperation and improve trade and economic activities between Pakistan and the UK. On a more practical level, the aim is to increase trade and investment opportunities for members of LCCI and Hounslow Chamber.
LCCI president Mian Tariq Misbah and Hounslow Chamber chairman Christopher Durkin signed the MoU, witnessed by the Pakistan High Commission and DIT Lahore, which is designed to build on healthy levels of trade already seen between the two countries. In 2020, the bilateral trade volume of goods traded between the UK and Pakistan stood at $2.34 billion. Pakistan’s exports to the UK were around $1.73 billion, while the UK sent an estimated $611 million of goods and services to Pakistan.
Locally, there’s also a lot of history between Hounslow and Lahore, as Alan Rides, managing director of Hounslow Chamber, explains: “Hounslow has had a twin-town agreement with Lahore for quite a few years. For various reasons, this relationship has been rather inactive for some time so this agreement is a good way of revitalising this relationship. There’s also a significant number of people from Lahore and other areas of Pakistan within the Hounslow and wider west London community.
“The MoU will help facilitate quicker trade between the two countries and we’ll have closer and better links between Lahore and Hounslow. There are many synergies between both business communities in areas such as environmental trade, manufacturing, renewable energy and pharmaceuticals.
“If Lahore companies need products and services in these areas, we can put them in touch with companies here. For example, I understand that Lahore firms require products such as air flow, landfill incineration and water purification equipment as Pakistan looks to make its economy more environmentally friendly. We’re alerting relevant companies in Hounslow to this
to see if they can help. This could open doors to new export markets for several of our companies here.
West London Local Chambers and Hounslow Chamber has also struck an MoU with the British New Zealand Business Association (BNZBA) in Auckland. Again, the idea is to explore synergies between the two business communities, connect like-minded businesses and find ways of boosting bi-lateral trade.
Alan Rides says: “In practice, it means we can find local companies who want to export to NZ and introduce them to the BNZBA, and find out which BNZBA members want to send goods to the UK and connect them with businesses here.
For overseas exporters, London is an eye-catching market. London city is one of Europe’s main business hubs, generating £500 billion a year. Hounslow, Ealing and Hammersmith & Fulham share of this is a not inconsiderable £40 billion.
These statistics will act as a magnet to countries all over the world, including EU countries despite the well-documented trading issues arising from Brexit.
Alan says: “Hounslow Council also has amongst other a twin-town agreement with Issy-les-Moulineaux, a suburb of Paris, and delegates from this region will be visiting the borough later this year. As part of the visit the Chamber will discuss ways of making trade easier between the UK and EU.”
Ease of trade depends to a large extent on having the right infrastructure in place to support businesses as they enter and grow their presence in overseas markets. But there are fears that recent developments could prevent many London-based businesses from getting access to that help.
The Department for International Trade (DIT) has advised London companies that from the end of September it will no longer offer 1 to 1 support in London so many of its London-based advisors will lose their jobs and has recommended that exporters should contact their Chamber for support which we are able to deliver.
Alan says: “Around 40% of UK exports are sent from companies in London and the south-east, and 40% of UK exports go from Heathrow Airport so it’s vital that this support is there for these businesses.
“We are receiving referrals from DIT and HM Treasury; we have experts who can provide that one-to-one support to fit your needs, whether that’s face-to-face or online, we are here to help.
“Many companies, smaller ones in particular, say they have trouble getting the necessary tailored support to send their goods to overseas markets. As your Chamber signs other trade agreements between towns across the globe, that will help smaller exporters in particular. It will also enable us to bring companies from your Chambers closer together and connect them with relevant markets.”
Alan Rides Mark Hayward
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