Wednesday 19 October 2016

Take inspiration from Norway and Canada for trading models say London businesses

Norwegian or Canadian trade models are viewed as the best basis for Britain's relationship with the EU despite remarkably different set-ups a new poll has found.

Both models were preferred by 34% of businesses surveyed by ComRes for London Chamber of Commerce and Industry in preference to Turkish (17%) and Swiss (5%) models.

Just 10% of business leaders thought that the World Trade Organisation (WTO) model was the way forward. If talks - with the EU and others - do not reach a deal before Brexit takes effect, trade rules would default to World Trade Organisation (WTO) rules.

Chief Executive of London Chamber of Commerce and Industry Colin Stanbridge said: "What we need to remember here is that the UK and indeed London has an unique set of needs and this is a unique set of circumstances.

"While it may help to look to other countries and their free trade agreements for inspiration, we need to turn the result of the referendum into a time of opportunity for Britain.

"International trade has long been a critical component of Britain's economic well-being. Now more than ever there is a pressing need to encourage and support British businesses to engage in international commerce and help build a strong and prosperous UK economy.

"In the new landscape, the government needs to develop a national strategy for exports and growth to coordinate departmental activity and ensure appropriately resourced support is delivered to UK businesses looking to trade overseas."

ENDS

Media contact
Katharine McGee
T: +44 (0)20 7203 1897
M: +44 (0)7827 241528
E: kmcgee@londonchamber.co.uk

NOTES TO EDITOR:
1. London Chamber of Commerce and Industry (LCCI) is the capital's largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
2. Colin Stanbridge, chief executive is available for further comment and interview.
3. ComRes surveyed 504 London business decision makers online between 3rd and 31st August 2016. Data were weighted to be representative of all London businesses by company size and broad industry sector. ComRes is a member of the British Polling Council and abides by its rules. Data tables are available at www.comres.co.uk
4. Norway is a Member of European Economic Area, has full access to single market, and is obliged to make a financial contribution and accept majority of EU laws. Free movement applies as it does in the EU
5. The Comprehensive Economic and Trade Agreement (Ceta) between the EU and Canada is not yet in force, although it has been in the making for seven years. The agreement gets rid of most tariffs on goods, but excludes some food items and services. Free movement of people is not a part of it.