The 18-country study from Ipsos Business Consulting, Creating Opportunity: How to build a new era of trade for post-Brexit Britain looks at the trading options for businesses in established, emerging and frontier markets outside of Europe.

Ipsos Business Consulting CEO, Peter Snell said that while Britain will be free to negotiate trade deals with other countries because it will take at least two years to leave the EU, British businesses should act now to seize opportunities.

“These businesses and their trading partners simply cannot afford to sit and wait for the government to negotiate the terms and conditions of Brexit with the EU.

“Regardless of how people feel about the result to leave the EU, the decision has been made. We take the view that British businesses must work together to make the best of the situation by expanding their footprint beyond Europe, reshaping Britain’s global trading map and creating a brighter future for generations to come.”

The report argues that British industry powerhouses such as automotive, pharmaceuticals, and power generation and machinery should use their global reputation for excellence to strengthen their position around the world.

Firms operating in the transport and infrastructure, and power generation and machinery sectors, should look to emerging markets with long-term housing, logistics and power development projects in Africa, Asia and Latin America. Meanwhile it says retailers should look east to Asia.