Dr Ciravegna adds: “This is not to say that we substitute European Union markets with emerging markets – but British companies would benefit from a knowledge base to stay abreast of emerging market trends and make timely foreign investments.”
Professor Brown supports this idea.
“The UK needs to invest in building knowledge about China if it expects to have a balanced, sustainable relationship with the economic giant,” he says.
“It has the option to either follow the example of Australia or learn from the mistakes Australia has made.”
“If a global Britain is become a reality, we clearly need to know more about the world, including China. We need to mainstream Chinese knowledge – we’ve made ourselves vulnerable by not knowing enough about China.”
He highlights how one of the UK’s main economic strengths is in services, and the Chinese economy is now gravitating quickly towards being more service-sector orientated.
“A framework where more trade in these areas can be achieved would be the way to ensure a balanced trading partnership,” he explained.
Despite the concerns of the knowledge of some markets such as Brazil and China, there is better news when it comes to India – the UK’s 11th largest export market outside of the EU.
According to Dr Rudra Chaudhuri from the India Institute, King’s College London, the UK has already been investing more energy into understanding the Indian market. He says more information is always welcome, but the UK is in a good position to trade with the India.