British Chamber welcomes UK Labour gov’t’s aim to champion UK exports

The British Chamber of Commerce Philippines (BCCP) welcomed the results of the UK General Election which took place last 04 July 2024 and looks forward to further strengthening the UK-Philippine trade relations under the new Labour Party government and the leadership of Prime Minister Keir Starmer.

In its Labour manifesto, the party identified economic growth as one of the key priorities through a more enhanced partnership with businesses, leaders, and across various governments.

With economic growth as one of its key focus, Secretary of State for Business and Trade Jonathan Reynolds set out the government’s plans and agenda on its first 100 days, centered on: pursuing a mission-driven industrial strategy; supporting SMEs; championing UK exports and resetting trade relations; and making work pay. 

BCCP Executive Director/Trustee Chris Nelson noted this as a significant step towards further empowering British businesses, particularly small and medium enterprises (SMEs). 

“We have worked very hard to bring SMEs here, we have worked very closely with the British Embassy, and their business and trade section. We now have a new Secretary of Business and Trade, and he wants to champion UK exports, and with particularly, strong support to SMEs. In terms of FDI, as we have emphasized before in our discussions, we are competing with other areas across Southeast Asia, and we need to keep focusing on further opening up the economy. That's why liberalizing the economy and allowing higher foreign ownership is a key area for us,” Nelson said in an interview.

“Prime Minister Keir Starmer has been very clear that growth is on their agenda. They plan to establish a National Wealth Fund. They want to focus on certain key areas such as supply chain and green energy. I think in terms of the Philippine outlook, President Marcos has already said he sees a deepening of relations between the UK and the Philippines. This is the 78th year of relations between the two countries. Trade relations are at its highest ever at £2.8 billion. I strongly believe that the UK sees the Philippines as an excellent trading partner,” BCCP Executive Director/Trustee Chris Nelson said in an interview. 

The British Chamber continues to assist UK SMEs across various sectors to enter the Philippine market– with UK exports to the Philippines amounting to £1.2 billion.

It also lauds the UK government’s priority in its First 100 Agenda to further boost UK exports and mobilize investments through its National Wealth Fund.

Nelson also encouraged policymakers in the Philippines to focus its key priority legislation towards the drive on further liberalizing the economy to strengthen foreign direct investments, promote economic growth, and further sustain the ever-growing bilateral trade relations of the UK and the Philippines.