Prominent supporters of Britain’s decision to leave the European Union was heavily motivated by the desire to become a more globalised trade arena. However, a world-wide pandemic, soaring unemployment rates, and an outbreak of war has consequently stretched supply chains to the brink of collapse.

The past two years have undeniably demonstrated the UK’s determination for international co-operation, particularly through trade agreements secured in countries outside Europe such as Australia and Japan. Yet, trading performance continues to be weak – while other countries have seen a rebound in economic output following the pandemic. With China’s new lockdown measures and the worst COVID outbreak in two years, experts are warning that the closing of key manufacturing hubs around the China’s financial centre, Shanghai, could potentially lead to another global supply chain crisis.

Founder of global investment bank JPIN, Gaurav Singh, stresses the importance of extending trade routes outside of Europe, the US and China. Currently, the EU still acts as the UK’s largest trading partner – the House of Commons Library revealed that UK exports to the EU were 42% of the national total, while imports from the EU were around 50% of all UK imports.

Singh comments on the urgency to create alternative solutions in the event of supply disruption:

“With the new world seeing many of the countries once lagging behind in terms of development now generating significant economic growth, there are many other potential pathways available to the UK to bolster supplies during a critical time of need. The government must learn to adapt and utilise the tools at their disposal to prepare for times of turbulence within the global supply chain – particularly when millions of households could face significant financial disruptions as a result.

Areas such as India, South America and Africa have seen significant growth in the past few years and could potentially act as alternative pathways for importing and exporting goods. For example, India and Africa could potentially assist with the UK’s current fuel shortage, given that both countries are major players in exporting oil. Similarly, South America could likely provide food products to assist with the current food shortage.”