Graham Stuart, MP for Beverley and Holderness, has today been appointed as a trade envoy to Vietnam, Cambodia and Laos.
The move was confirmed today in a Written Ministerial Statement (WMS), meaning that the former International Trade Minister will take on responsibility for building on existing relations between Britain and the three countries in addition to helping to create new export opportunities for British business and stimulating further investment into the UK.
Trade between the UK and Vietnam tripled between 2010 and 2019 and was worth £4.8 billion in 2020. Meanwhile, UK trade with Cambodia stood at £693 million last year with exports to Cambodia experiencing a 160.5% surge between 2018 and 2019, although the most recent figures show a decline of almost 6% after being hit by the pandemic. The smallest trading relationship out of the three is with Laos, with trade worth £25 million at the end of last year.
Major UK exports to the three countries include pharmaceuticals and machinery, including cars, although the majority of UK exports to Cambodia and Laos is in services.
Graham commented, “This is an exciting time for trade with that area of the world, with continuous growth predicted for their markets meaning that there will be more opportunity for British businesses to expand their horizons over the coming years.
“Other countries are making the most of this growth and I don’t see any reason we can’t either, especially now we’re able to set our own trade policy and regulations again after leaving the EU.
“Vietnam is also part of the ‘Comprehensive and Progressive Trans-Pacific Partnership’ (CPTPP), a group of 11 countries whose trade with the UK is worth over £110 billion. The UK is looking to join the CPTPP, which would eliminate tariffs on almost all trade in goods.”
Trade envoys, who are unpaid, are a network of cross-party MPs and Peers who are appointed by the Prime Minister to engage with markets where significant trade opportunities have been identified by the Department for International Trade. The programme began in 2012 and there are currently 34 trade envoys covering 72 markets across 5 continents.
Debbie Heald MBE, owner and Managing Director of Heald, a Hornsea-based company which manufactures security products such as bollards and road blockers, added:
“Heald extends its congratulations to Graham on his appointment. As a local business competing on the international stage, these relationships are vital in ensuring international trade can run smoothly, helping to support business growth and employment opportunities.
“We look forward to working with Graham in his newly appointed role to support the regional and national economy.”
