Trade mission highlights Russian opportunities

British firms are being urged to explore new trade opportunities with theUK’s fastest growing major export market.

The call came as Trade and Investment Minister Lord Green and CBI director-general John Cridland led a trade mission toRussia, including visits toMoscowandSt Petersburg. The trip, involving 25 mid-sized businesses, took place from 26-29 November.

Lord Green said: “Russiais our fastest growing major export market and, with 140 million consumers looking for quality British products and services, it offers great opportunities for British businesses. Important steps such asRussia’s accession to the World Trade Organisation are making it easier for British firms to do business there.

“We’re keen to make strides in reaching our target to get another 100,000UKfirms exporting by 2020, helping to secure long-term and sustainable economic growth.”

More than 600UKcompanies are already operating inRussiaandUKexports for 2012 are on course to total £5 billion. In the last two years, the value of British goods exported toRussiahas increased by over 80 per cent and this is expected to grow further asRussiaopens its economy up to more international trade and investment.

Russiais already theUK’s 11th biggest export market andUKexports there are increasing faster than to any other country in theUK’s top 40 export markets.

Business areas offering particularly strong opportunities inRussiainclude the clothing, footwear and accessories market and giftware, from tableware and high quality jewellery to home decoration items.

The Russian food and drink market is  the fastest growing market inEurope, with up to 70 per cent made up of imports, with particular opportunities for producers and retailers of specialist food and drinks, including organic foods, special dietary foods, convenience products, gourmet foods, and light alcoholic drinks.

Link: Exporting to Russia