MOSCOW (Sputnik) – The eventual completion of the Brexit process, which looks set to end on 31 December with the conclusion of an 11-month transition period, will provide opportunities for UK businesses on the Russian market and vice versa, Alf Torrents, the executive chairman of the Russo-British Chamber of Commerce, told Sputnik in an interview.
In the year to March 2020, trade turnover between Russia and the UK stood at 15.8 billion pounds ($20.7 billion), comprising 9.9 billion pounds ($13.1 billion) in Russian exports to the UK and 5.8 billion ($7.6 billion) pounds in UK exports to Russia.
Trade turnover could subsequently rise in the post-Brexit era, given that Russian businesses view the UK as a prominent destination market, Torrents said.
Euro and pound banknotes are seen in front of BREXIT letters in this picture illustration taken April 28, 2017.
The UK and Russia have a historic relationship as trading partners, and Russian customers, in particular, have a high opinion of UK-made goods, Torrents added.
UK Prime Minister Boris Johnson’s government has made a concerted effort throughout the Brexit process to advertise the opportunities available for UK businesses in non-EU countries such as Japan and Australia, and the same can be said for Russia, Torrents said.
The UK officially left the European Union on 31 January, triggering the 11-month transition period that is scheduled to expire at the end of the year. The government is in the process of negotiating free trade agreements with the EU and a range of other countries.
Speaking on the day the United Kingdom left the bloc, the Russian ambassador in London, Andrei Kelin, said that officials in Moscow are seeking a comprehensive new trade agreement with their counterparts in the UK.
Sourse: sputniknews.com
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