British Businesses will be given greater access to global markets more quickly as the UK government publishes its first Trade Strategy since leaving the EU.
The Strategy will make the UK the most connected nation in the world and secure billions worth of opportunities for businesses, helping deliver the economic growth needed to put money in people’s pockets, strengthen local economies, create jobs, and raise living standards.
The government claims it will take a more agile and targeted approach than the previous government’s, focusing on quicker, more practical deals that deliver faster benefits to UK businesses. They also claim it will strengthen trade defences, expands export finance – especially for smaller firms – and aligns trade policy with national priorities like green growth and services.
The Trade Strategy:
- Unlocks £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.
- Expands UK Export Finance (UKEF)’s capacity by £20 billion to a total of £80 billion, announces a new Small Export Builder to give smaller firms better access to export protection insurance, and introduces improvements to help overseas buyers finance repeat orders from trusted UK suppliers in a more streamlined way.
- Vows to bolster our trade defence toolkit and make our trade remedies system more agile, assertive, and accountable to guard British businesses against global turbulence and the growing threat of unfair trading practices.
- Targets more mutual recognition of qualifications to boost the UK’s status as a services superpower – the 2nd biggest exporter of services in the world.
- 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.
- Announces the UK will join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), a temporary arbitration arrangement for resolving appeals to WTO trade disputes, demonstrating our commitment to an effective rules-based international trading system
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