Britain is preparing to unlock up to £20 billion in international trade as it continues to cut red tape in the aftermath of Brexit.
Trade minister Greg Hands told MPs that the UK has removed 192 individual trade barriers with over 70 countries so far. According to the MP, removing just 45 of these barriers could save British businesses up to £5 billion.
Mr Hands promised to “remove the most visible trade barriers,” which he claimed would result in £20 billion in trade.
“In the last fiscal year, we resolved 192 individual trade barriers in over 70 countries,” he told MPs in the House of Commons today.
“45 of these alone are estimated to be worth around £5 billion to British businesses over the next five years.
In a statement last month, Trade Secretary Kemi Badenoch said the UK removes a “new trade barrier somewhere around the world” every week.
She added: “From whisky in Argentina to gin in Angola, we’re slashing red tape and opening access to new markets and new customers.
“With these trade obstacles gone and more to follow, my message to UK businesses is clear – make the most of the huge global appetite for your fantastic products and sell to the world.”