LONDON: UK companies believe Europe will be their main trading partner in the coming years, highlighting the importance of a business-friendly trade deal as the UK leaves the EU, according to a new report.
A survey of 1,300 businesses by the British Chambers of Commerce found that, over the next two years, the top two markets for exports will be Western Europe and Central and Eastern Europe.
The main barriers to trade were said to be tariffs, customs procedures and local regulations.
The BCC said the findings underlined the importance of the UK and EU reaching a business-friendly trade agreement which minimises costs and trade barriers.
Director-General Adam Marshall said: “Europe is the UK’s largest trading partner, so it will come as no surprise that businesses regard access to European markets and products as fundamental to their medium-term trading strategies.
“Now that negotiations on the future UK-EU relationship are set to begin, businesses need clarity on the practicalities of the future trading relationship between the UK and EU without delay.
“High tariffs, cumbersome customs procedures, as well as conflicting regulatory requirements can deter firms from trading overseas, so a future agreement between the UK and the EU must minimise barriers and costs, to allow firms on both sides of the Channel to continue trading as freely as possible.
“Both the UK government and EU Commission must work together in the new year to move towards a frictionless trade deal that works for both British and European businesses.”
