Analyzing UK Trade with East Africa After Brexit: Import/Export

Verified

Added on  2023/01/05

|49
|18035
|62
Report
AI Summary
This report examines the impact of Brexit on UK trade relations with East African countries, focusing on import and export dynamics. The study begins with an introduction to Brexit and its implications on trade, followed by an analysis of the research objectives, rationale, and questions. A literature review provides context by exploring existing research on UK trade outside the EU, East African import/export trade, and the importance of strong trade relations post-Brexit. The research methodology outlines the philosophical approach, strategy, and methods used for data collection and analysis. The subsequent chapters present data analysis, interpretation, and discussion of the findings, followed by conclusions and recommendations. The report highlights the significance of the research in understanding the challenges and opportunities for UK businesses in the post-Brexit era, particularly concerning trade with East Africa. It also includes a reflection on the research process and its limitations.
Document Page
UK Trade with East
African Import and
Export after Brexit
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
Table of Contents
Research Topic: UK Trade with East African Import and Export after Brexit...............................1
Chapter 1: Introduction....................................................................................................................1
1.1. Background of the study..................................................................................................1
1.2. Aims and objectives........................................................................................................1
1.3. Rationale for selection of topic........................................................................................2
1.4. Research questions..........................................................................................................2
1.5. Significance and limitation of research...........................................................................2
Chapter 2: Literature Review...........................................................................................................2
2.1. Introduction.....................................................................................................................2
2.2. To analyse trade relations of UK outside the EU............................................................2
2.2. To evaluate East African Import and Export trade..........................................................2
2.3. To determine importance of strong trade relation of UK outside EU after Brexit..........2
2.4. To evaluate how Brexit can influence the UK's trade performance................................2
2.5. To provide proper recommendation to mitigate any risk factors of Export and Import
associated with Brexit.............................................................................................................2
Chapter 3: Research methodology...................................................................................................2
3.1. Introduction.....................................................................................................................2
3.2. Research philosophies.....................................................................................................3
3.3. Research approach...........................................................................................................3
3.4. Research strategy.............................................................................................................3
3.5. Choices of method...........................................................................................................3
3.6. Time Horizons.................................................................................................................3
Document Page
3.7. Data collection and analysis............................................................................................3
3.8. Cost, Access and Ethical consideration...........................................................................5
Chapter 4: Data analysis and interpretation.....................................................................................5
4.1. Introduction.....................................................................................................................5
4.2. Data analysis....................................................................................................................5
4.3. Interpretation of data.......................................................................................................5
Chapter 5: Discussion on Research findings...................................................................................5
Chapter 6: Conclusion and recommendation...................................................................................5
6.1. Conclusion.......................................................................................................................5
6.2. Recommendation.............................................................................................................5
Chapter 7: Reflection.......................................................................................................................5
REFERENCES................................................................................................................................5
Document Page
Research Topic: UK Trade with East African Import and Export after Brexit
Chapter 1: Introduction
Brexit is defined as the removal of United Kingdom from the European Union and the
European Atomic energy community. It is one of the most important decisions that have impact
upon trading performance operation as well as practices. Brexit have significant impact upon
economic performance of United Kingdom as it imposes number of laws and regulations which
is essential for United Kingdom to abide in order to conduct their trading operations in an
effective manner. Economic concept is mainly related to buying and selling of products services
and goods among two or more parties. It has been determined that after brexit there are a number
of rules and regulations what are required to be abide by United Kingdom in order to ensure
smooth trading relationship. However with the help of taking advantage of free trading
agreement with other Non-EU countries UK can enhance their economic performance and can
access their economic growth in a well define effective manner. According to the analysis it is
essential for organisations in the provinces of United Kingdom to take advantage of different
type of economic growth and trading practices as well as strategy in order to strengthen trading
relationship. Along with this UK is also required to determine those countries with whom they
can conduct free trading operations can enhance their economic growth and can assure smooth
transfer of goods and services in an effective manner. This will allow United Kingdom to
strengthen their relationship with more effectiveness. It is having significant impact upon trading
relationship of UK this it is important for country to enhance that reading relationship
effectiveness outside EU after brexit in order to determine the risk factor and overcome them in
effective manner.
1
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
1.1. Background of the study
The term Brexit is used to represent the withdrawal and exist of the United Kingdom (UK)
from the European Union (EU) as well as from the European Atomic Energy Community (EAEC
or Euratom) which was finalised and taken place on 31 January 2020. Thus, Brexit is taken as
one of the crucial and important topic which lead significant level of impact on trading prcatises
and overall economical performance of UK. Further, trade is an economical concept which
basically represent and reflects the buying and selling of goods, products and services among
two or more parties. Apart from this, trade all comprises of existing relationship between two or
more foreign countries that are exchanging and sharing goods and services across and beyond the
domestic boundaries lines of their country. Thus, an analysis can be made that the level of trade
between any countries is highly influence and impacted by the political and economical
relationship existing between two nations.
It is essential for companies in the provinces of United Kingdom to undertake and consider
different strategies for survival and economic growth in a post brexit world. Along with is it is
essential to effectively emphasise upon UK future trading relationship with the European Union,
as it has been underlined that brexit will lead hard impact upon major key sectors that include
UK manufacturing, healthcare, consumer goods industries, technology, automotive and more. It
has been underlined that after brexit there will be many custom and tariff changes being faced by
organisations. Thus, it is crucial to evaluate the issues for the business community that include
the impact of non tariff barriers that will have on post-brexit Britain. With the help of this stable
economic growth and effective business operations can be assured. Present report is conducted
on the am analyse influence of East African import and export over to trade after brexit deal.
This report include certain objective that involve evaluation of trade relation of UK outside the
EU East African import and export trade, importance of strong trade relation of UK outside EU
after brexit and the manner in which brexit influence UK trade performance. Along with this
report include research question, literature review, and research methodology and data collection
method. In addition to this data analysis and interpretation, discussion on research findings and
conclusion and recommendation are being discussed in present research report.
1.2. Aims and objectives
Research aim
2
Document Page
The research aim for the current study is “To analyse influence of East African Import
and Export over UK trade after Brexit”.
Research Objectives
Following are the main research objectives that are evaluated and analysed through
current investigation:
To analyse trade relations of UK outside the EU.
To evaluate East African Import and Export trade.
To determine importance of strong trade relation of UK outside EU after Brexit.
To evaluate how Brexit can influence the UK's trade performance.
To provide proper recommendation to mitigate any risk factors of Export and Import
associated with Brexit
1.3. Rationale for selection of topic
Present research is being conducted on UK trade with East African import and Export after
brexit. It has been identified that after brexit there will be number of exchange in both tariff and
non tariff barriers along with the legislation and laws. This will have significant impact upon
four key manufacturing sectors that include consumer good, healthcare, automotive and
technology. It is essential for economist and business organisations to evaluate the impact of
brexit along with the different factors upon UK domestic market. It has been identified that after
brexit there will be number of standards that are required to be implement by entities in United
Kingdom. Brexit will also lead towards increase in cost of exporting that will affect prize base
for both consumers and suppliers. It is essential for companies to emphasize upon the challenges
and alter their supply chain in order to effectively reduced reliance on the EU. UK with the help
of evaluating source of products from countries with which United Kingdom has free trade
agreement (FTA) is also the one of the most effective factor that will lead businesses to conduct
their operations in effective manner. Present research is having wider scope at it is conducted on
one of the most important topic which is the importance of strong trade relation of UK outside
EU after brexit along with the manner in which brexit have significant impact of trade
performance. With the help of this research in analysis number of positive as well as negative
influence of brexit can be underlined in an effective manner.
3
Document Page
1.4. Research questions
The main question tags which need to get analysed and evaluated under current research
project are provided as follows:
Explain trade relations of UK outside the EU?
How East African enterprises Import and Export trade?
What is the importance of strong trade relation of UK outside EU after Brexit?
How Brexit can influence the UK's trade performance?
What are the ways to mitigate any risk factors of Export and Import associated with
Brexit?
1.5. Significance and limitation of research
Brexit is having significant impact upon the East African Enterprises import and export
trade, it is essential for entities within United Kingdom to effectively evaluate the importance of
strong trade relation of UK outside EU after brexit. In this company with the help of determining
those countries which are having free trade agreement with UK can gain number of advantages
in terms of conducting their business operations with less complex legislation, tariff and non
tariff rates. It has been identified that are brexit is having significant influence upon the UK trade
performance as after brexit if there are a number of changes in administration, legal laws
implementation, legal legislations and other essential aspects that are required to be undertaken.
Present research is having significance as it is conducted on the essential topic which is related to
the importance of strong trade relation of UK outside EU after brexit. This will facilitate to
determine the ways through which entities can mitigate risk factor of export and import which is
associated with brexit. In addition to this is it has been identified that this research involves
number of aspects that allow researchers to effectively have in-depth analysis of importance of
strong trade agreement between UK and other countries in EU. Present study effectively allow
researcher to have proper understanding of the topic.
Scope of the study
The study will define the suggestion and ideas to complying with the importance of strong
trade agreements in addition to this the ways in which risk can be mitigated is also included in
this report. Furthermore, it has been evaluated at present study effectively provide number of
benefits for organisational as well as academic purpose as it is conducted on broader topic which
is basically associated with the importance of strong tradition of UK outside EU after brexit.
4
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
With the help of this research researcher can further undertake research in this effective manner.
In addition to this it has been identified that this research study will be assistive for organisation
or entities in UK to undertake the ways to mitigate the risk factors of export and import
associated with brexit.
Chapter 2: Literature Review
2.1. Introduction
A literature review duly discusses overviews of books, insightful articles, and some other
sources pertinent to a specific issue, zone of exploration, or hypothesis. It mainly gives a
portrayal, synopsis, and basic assessment of these works according to the examination issue
being researched. Furthermore, it has been evaluated that literature review are intended to give a
review of sources you have investigated while exploring a specific subject in a well define and
effective manner (Wu, 2020). According to the analysis it has been determined that a literature
review place each work in the context of its contribution to understanding the research
problem being studied, effectively describe the relationship of each work to the others
under consideration, identify new ways to interpret prior research and reveal any gaps that
exist in the literature. Furthermore, it has been underlined that a literature review is a survey
of scholarly sources on a specific topic. It provides an overview of current knowledge and duly
allows investigator to identify relevant theories, methods, and gaps in the existing research. Since
literature review is also known as a review that is of narrative in nature and thus great
importance is given to it in this report and appropriate and necessary measures are taken in it
including studying relevant and different types of books, journals, magazines, etc. so that it can
add value to the report in the long run. Apart from this the research problem is analysed and
evaluated in a detailed manner so as to investigate the source of problem in an appropriate way
so that relevant and accurate measures can be taken and implemented which can help to solve the
problem appropriately and that too within a limited period of time with full effectiveness and
efficiency (Adetula and Osegbue, 2020).
2.2. To analyse trade relations of UK outside the EU.
As per the view point of Rollo and Holmes, 2020 the EU-UK Trade and Cooperation Agreement
is mainly conducted between the EU and the UK sets out particular agreements in regions, for
example, exchange products and in administrations, advanced exchange, protected innovation,
5
Document Page
public acquisition, aeronautics and street transport, energy, fisheries, government managed
retirement coordination, law implementation and legal collaboration in criminal issues, topical
participation and support in Union projects (Meghji, 2020). It is supported by arrangements
guaranteeing a level battleground and regard for essential rights. In addition to this, it has been
evaluated that there are many trade and cooperation agreement is strengthen the pillars of strong
relationship of UK outside the EU (Rollo and Holmes, 2020). It has been determined that some
of the certain trade relations are, A Free Trade Agreement it is mainly a new economic and social
partnership. Furthermore, according to the analysis it has been evaluated that, the arrangement
covers exchange merchandise and enterprises, yet in addition a wide scope of different zones in
the EU's premium, for example, competition, tax transparency, road and air transport, fisheries,
social security coordination, state aid and investment (Armand de Mestral, 2020). In addition, to
this it has been determined that, the trade and Cooperation agreement sets up another structure
for law requirement and legal participation in civil as well as criminal law matters. It perceives
the requirement for solid participation between public police and judicial authorities, specifically
for battling and indicting cross-line wrongdoing and illegal intimidation. It constructs new
operational abilities, assessing the way that the UK, as a non-EU part outside of the Schengen
territory, won't have similar offices as in the past (Jackson and Shepotylo, 2020). In addition to
this, it has been underlined that, the security participation can be suspended in the event of
infringement by the UK of its responsibility for proceeded with adherence to the European
Convention of Human Rights and its homegrown implementation. Since Brexit is a term given to
the systematic and sequential exit of the United Kingdom from the European Union’s it is
estimated that after the exit of the UK, the EU will still have around 40 trade deals that covers
almost more than 70 countries all over the world while UK has also made subsequent changes in
the law and thus as a result will continue to trade in almost 60 countries from the above
mentioned all (Oppermann, Beasley and Kaarbo, 2020). Apart from these deals a fresh set of
different deals will also begun in the 2021 that will be with Canada and Mexico and thus it can
be seen from it that UK still have many intact relations with almost each and every country
across the world which subsequently increases its value in the market as compared to other
nations. UK has also increased its trade relations that is exports and imports with other countries
that are not a part of EU in a substantial manner and is increasing and improving gradually but
since after the Brexit laws, rules and regulations, policies and procedures of the EU are not
6
Document Page
applicable and the trade agreements that are done earlier will be considered null and void and
thus it can be seen as a fresh start for both the nations and it can also help them to grow and
prosper as an individual within a short period of time (Banerjee, 2020).
2.2. To evaluate East African Import and Export trade.
The Prime Minister of the UK sees a huge and ready market in the African countries and is all
set to exploit that in an appropriate way so that it can help the nation to regain and increase its
GDP which has contracted due to the Brexit as well as the pandemic which has affected almost
each and every sector (Benedi Lahuerta and Iusmen, 2020). Also many trade deals have been
already signed and many of them are in progress due to the importance African countries possess
with them, though UK will still mainly prioritise the countries from which it gains huge
advantages like US, China, EU, Australia, and South Korea. Since due to Brexit the firms and
the companies which are earlier located there will search a place that can foster their operations
and also help them to achieve the growth, sustainability, and stability that they are looking for
and African continents are a great place for such reallocation as it can help them to gain from the
market situations that are currently prevailing there and will also act as a stepping stone which
can prove beneficial for the organisations to increase and improve their growth and prosperity in
the long run. It can be clearly seen before the Brexit that there are a lot of foreign direct
investments directly in the EU which also benefits the UK in a direct manner and while it was a
part of the earlier it also enters in a market as a part of it and not a separate one which
subsequently and substantially increases its market value which further results in improved and
increased sales and profitability which directly proves beneficial for the economy of the country.
Apart from that it also gains advantage of being a part of the EU as it gains from the policies that
they implement for the betterment of the nations that are a part of it (Burdekin, Hughson and Gu,
2018). It can be seen that after Brexit rand has lost 8% as compared with dollar but still managed
to gain over tumbling pound but it is not a very good sign for the country as it has already lost
approximately 21% of its currency as compared with dollar in a year but African currency is
performing exceptionally well in the money market and as a result it can be suggested that it will
lead to a vicious cycle and the UK will ultimately fall in a technical recession which can
adversely affect the trade relations between it and the African nations (Bristow, 2020). It can be
seen that the gold mining is one of the sector that will surely see many gains that are mostly of
short term in nature while in long term it would not that beneficial as compared to the current
7
tabler-icon-diamond-filled.svg

Paraphrase This Document

Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Document Page
scenario. Also the cutting of subsidies from EU to the farmers of the Africa will ultimately help
the farmer and their techniques that they use to produce and procure products and thus will
directly benefit the UK in the long run. As African countries also have many options in front of
them so as to choose the deals that are related with trade in an appropriate manner so that it can
carter the needs, requirements, and demands of the country as well as its citizens in an impactful
way so it will analyse and evaluate all the situations and the amount of the deal so as to select the
best alternative that is present in the current scenario and thus the UK will also have to be sure
that it has done all the homework and detailed evaluation of all the aspects and must accord such
a price in the deal so that the market which is huge in Africa can be exploited by them rather than
someone else (Zyla, 2020). Apart from this the UK must also try to capture the existing market
of the African countries and try to manipulate them in such a way so that reallocation can be
done in a way that can prove beneficial as well as useful for the nation, its people, and the
society which will subsequently help in increasing and improving the standard of living and will
also contribute in the GDP enhancement of the nation which has suffered a lot due to various
aspects including the pandemic COVID (Flinders, 2020). Also it must try to increase its foreign
direct investment (FDI) in a systematic manner so that it can attract potential firms and
companies to operate in the nation by providing adequate and proper infrastructure and the
resources that possess a lot of value in the operation of any enterprise so that it can help to
reduce and overcoming the ill effects of the exit from the EU so that the decisions can be seen as
one of the best one (Deva and Madhuchandra, 2020).
2.3. To determine importance of strong trade relation of UK outside EU after Brexit.
As per the view point of Beqaj, 2020 trade relation play most important role between
various nations is a significant factor which is significantly increasing living expectations, giving
work and empowering shoppers to appreciate a more noteworthy assortment of merchandise. In
addition to this, it has been underlined that international trade has international trade has
happened since the soonest civilisations started exchanging, however as of late worldwide
exchange has gotten progressively significant with a bigger portion of GDP gave to imports as
well as exports (Jafari and Britz, 2020). It can be easily seen that before Brexit the EU was the
biggest trade partner of the UK and also contributes to the growth and prosperity of the country
in a positive way but after Brexit it is highly important for the latter to establish and maintain
strong trade agreements and relations with other nations too as it will help and prove useful in
8
Document Page
increasing its separate value in the market and that too within a limited time frame. Also after the
exit of the UK from EU all eyes of other countries are on it and are closely monitoring the
activities that are performed by it in order to increase its trade relations with others and hence the
steps that it will take must be appropriate and adequate enough so as to carter the requirements of
the country in the long run. Also it must try to build and regain relations with the nations that are
closely associated with it so that the time period that is taken in deals must be shorten which can
further prove beneficial for the country in regaining its market value in the industry within a
short period of time and thus acting as a role model for other nations for the overall growth and
development (Downer, 2018). Brexit fundamentally alters Britain’s relations with trading
partners outside Europe. There are two schools of thought regarding the impact of Brexit on rest
of world trade of the United Kingdom. The counter argument holds that Brexit strengthens the
international trading position of the United Kingdom. As a member of the European Union, the
UK is prohibited from negotiating bilateral trade agreements with rest of world partners. EU
membership thus confines the UK to trade deals negotiated by Brussels, which have been
stymied by disputes over subsidies to continental European farmers (administered under the
Common Agricultural Policy) and other protectionist lobbies. Exiting the EU will enable the UK
to become a global beacon of free trade, striking robust trade liberalisation agreements with both
developed countries (Australia, New Zealand, United States) and developing/emerging
economies (Brazil, China, India). (Paul Marshall, “At Last We Can Embrace the Business of
Building Up Prosperity”.
According to the analysis it has been identified it is important for United Kingdom to have
strong relationship outside EU after brexit in order to conduct trading operations in an effective
manner (Smith and Sarabi, 2020). Furthermore, it has been underlined that with the help of
strong song relationship EU can conduct their business operations in an effective manner. In
addition to this, it has been evaluated that according to the analysis it has been identified that
United Kingdom is EU second largest single export market, for this it is essential to have a
strong relationship in order to conduct business operations while assuring higher profitability. It
has been identified that United Kingdom also have a strong competitive advantage in service
trade which is significantly growing more strongly globally than trade in goods. Thus, with the
help of having strong relationship and maintaining a close friendship and partnership business
9
chevron_up_icon
1 out of 49
circle_padding
hide_on_mobile
zoom_out_icon
[object Object]