As a member of the European Union (around 500 million consumers and a GDP of approximately US$19,000 billion)¹, the UK belongs to the world’s largest trading entity as well as the world’s single largest market.

Its history and geography have always given the UK an international outlook and with a multicultural resident population of 61 million², around 300 languages are spoken around the country. Another 5.5 million Britons, almost 1 in 10 of the population, live permanently abroad.

This is the fifth largest economy in the world, with a gross domestic product (GDP) of US$ 2,727 billion³.

As one of the world’s leading trading nations, the UK is the second largest exporter and third largest importer of commercial services, and the seventh largest exporter and fourth largest importer of merchandise.⁴ It is the world’s top destination for foreign direct investment and among the ten top sources of global FDI.

A significant feature of the UK’s import and export policy is that by being a member of the European Union, once customs duty and any other charges have been paid, imported goods can circulate freely within the EU member states.

The UK does not charge customs duty on exports and has the third least barriers to trade and investment in the world. Many exported goods from the UK receive special customs duty rates (sometimes nil) in the importing country thanks to the multiple international trading agreements that the UK has.

Many investors from around the world choose to expand their companies or set up new businesses in the UK. This is due to the open, transparent and business-friendly system that encourages the formation of new businesses as well as political and economic stability with a well-established legal framework and flexible labour force.

The UK has a respectable number of educational facilities and training programmes which can enhance the skills required in most businesses and has a natural advantage in global communication as English is the international language of business. Another advantage is that the UK has one of the strongest ICT infrastructures in the world.

London, Europe’s number one city for business, is the world’s leading financial services centre and is gearing up towards hosting the 2012 Olympic Games. “The Olympic Games provide a unique national and international platform for local and regional companies to showcase their products and services to the world and this will help to secure future contracts," says Sebastian Coe, chairman of London 2012.

Useful links

Arab British Chamber of Commerce (ABCC): http://www.abcc.org.uk/

The Middle East Association (MEA): www.the-mea.co.uk