Made in the UK, Sold to the World: How will Britain’s new trading strategy boost exports?
The UK’s “ambitious” new trade strategy aims to double the value of UK exports to £1 trillion over the next decade, it has been revealed.
The 12-point export strategy, published today, Wednesday 17 November, will give businesses the “tools they need” to sell their products and services around the world.
Here’s how it will work.
What is the UK’s new export strategy?
Published in response to Brexit, the new export strategy – entitled ‘Made in the UK, Sold to the World’ – sets out how the Government will support UK businesses and capitalise on new export opportunities now that Britain has left the EU.
The plan comes after research revealed that just one in ten GB businesses exported in 2020.
The paper introduces a range of new and existing support measures, from the new Export Support Service (ESS) to the expansion of the UK Export Academy and a new UK Tradeshow Programme.
We’ve included a summary of each measure below:
Export Support Service
The ESS is a one-stop-shop for exporting advice, designed to be a “single point of contact and entry” for exporters to Europe.
Through the service, businesses can access guidance on exporting to global markets, advice on overcoming red tape and specific challenges, such as customs and paperwork, and identify new exporting opportunities.
The online platform can be found here.
UK Tradeshow Programme
The new UK Tradeshow Programme will be “bigger and better” and targeted to give UK exporters – and especially small businesses – a platform to exhibit their products and services at the world’s biggest tradeshows.
The UK Export Academy will offer small and medium-sized enterprises (SMEs) the chance to learn how to navigate the technicalities of exporting and how to find new opportunities in overseas markets.
UK Export Finance
The UK’s export credit agency will be expanded to offer new products and a “wider delivery network” that will make it easier for UK exporters to secure business contracts around the world.
Small and medium-sized firms will be invited to apply for finance to grow international sales and attend global trade fairs.
“Defining moment in national trading story”
Commenting on the launch of the new strategy, Secretary of State for International Trade, Anne-Marie Trevelyan, said: “As we agree ambitious new trade deals around the world, it is more vital than ever that businesses across the UK take advantage of these opportunities and unleash their full exporting potential.
“Our export strategy will help more businesses start exporting and help those who already export to sell more products to more countries. Reaching £1 trillion worth of exports by the end of this decade means more jobs, more opportunities and higher wages helping the UK to level up and build back better.”
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