Made in Britain companies should be given greater access to global markets more quickly as the UK government publishes its first Trade Strategy since leaving the EU.
The strategy aims to create the right conditions for UK businesses to export and provide them with more and better direct support, ranging from information and guidance to commercial diplomacy to tailored export finance to international marketing campaigns.
UK Export Finance (UKEF) will see its capacity expanded to £80 billion with up to £13 billion of direct lending used to assist exports across key industrial sectors. UKEF is also looking to reach more SMEs aiming to grow overseas through the launch a new Small Exports Builder to give smaller firms better access to export protection insurance. It should also help overseas buyers finance repeat orders from trusted UK suppliers in a more streamlined way.
In addition to this, the strategy:
• Targets £5 billion worth of opportunities for UK exporters through the new Ricardo Fund, which will tackle complex regulatory issues, shape global standards, and remove obstacles for UK businesses selling abroad.
• Vows to aid the UK’s trade defence toolkit and make its trade remedies system more effective to guard British businesses against global turbulence and the growing threat of unfair trading practices.
• Builds on existing clean energy and green sector agreements with partners including Norway, Japan and South Korea and explores new, deeper cooperation with markets such as Brazil, the Philippines and Mexico.
It follows three trade deals agreed last month with India, the USA and the EU.
The strategy builds on the recently published Industrial Strategy, which identified the high-growth sectors where the UK has an exporting edge in global markets, with trade as a means to support its advanced industrial base.
Made in Britain members can read the full strategy.
For more information on the Trade Strategy, as well as trade and exports more widely, please email trade@madeinbritain.org.
By Made in Britain 1 week ago | By Made in Britain