Brexit squabbles block the UK from an important role in the new world trade order

Source:Global Times Published: 2019/10/24 20:23:41

A man takes part in a rally at Trafalgar Square in London, Britain on Sept. 13, 2017. A rally was held here on Wednesday calling to maintain the rights of the EU citizens in Britain and British citizens in the EU after Brexit. Photo:Xinhua

If the UK delivers Brexit, it can then be in a position to break the international trade war deadlock.

While Brexit will undoubtedly bring short-term volatility for an enterprising country like the UK, it also presents a golden opportunity for the country to reinvent its role in the world and develop innovative approaches to trade.

A post-Brexit UK will be at the center of an international triangle. It can be an honest broker and take a pivotal role between the EU, the US and China, welded to none but trusted by all. This will give the UK an unmatched global position from which all sides will benefit. This is why I believe the new world trading order welcomes and needs a post-Brexit UK. 

London was a natural destination for Asian companies hoping to gain access to Europe and the rest of the world, and it remains so as London is best-positioned to grow global businesses. London has favorable time zones, access to banks, finance regulators and government bodies, and some of the world's leading universities and talent.

The UK government has outlined plans to build 10 Freeports to boost trade following Brexit. We don't yet know what shape these will take, but it is possible that one will be located at London's Royal Docks. 

I have seen the success of China's special economic zones, such as those in Shenzhen and Shanghai, and I am eager to see how the UK government's Freeport initiative evolves. There may well be potential here to attract overseas investment.

As an entrepreneur myself, I admire Britain's enterprising spirit which has helped it become a world leader in sectors that will shape the future economy - financial and professional services, creative industries and digital technologies.

I believe the UK will make the most of this opportunity, and create its own future. This is why I remain committed to investing in London.

The uncertainty over Brexit and whether the UK will or will not leave on October 31 is affecting global markets. Brexit uncertainty has reigned for more than three years, and its prolongation is having an impact on foreign investors' decisions to come to the UK or seek opportunities elsewhere. 

Brexit itself is not frightening. In fact, a post-Brexit Britain will be more independent and not subject to EU laws. But uncertainty kills. 

Investor confidence is being consumed by the Brexit mire.  

Despite concerns that Brexit will lead to a slowing market, I am optimistic that the UK will progress positively once there is Brexit certainty. Time is money, and overseas investors need an accountable government to deliver Brexit and have their interests guaranteed. I would support a Brexit without any further delays.

The ariticle was compiled based on an interview with Xu Weiping, chairman of ABP, the Chinese developer behind the 1.7 billion pound ($2.1 billion) Royal Albert Dock project.

Posted in: INSIDER'S EYE

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