Brexit to Provide New Opportunities for UK, Russian Businesses, RBCC Executive Chairman Says

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