Why it matters
Trade is the backbone of the UK economy – with exports accounting for 32% of total GDP – and yet our share of global trade has been declining. Trade enables companies to find new markets, diversify their supply chains and reduce risk. And it benefits the rest of society and broader economy, creating jobs, raising incomes and increasing living standards.
THE SIZE OF THE PRIZE
What can business and society gain from a boost to trade?
Opportunities to target fast-growing global markets
Europe, the US, India, China and ASEAN countries could be targeted in areas like financial services, information and communication, and education.
Supercharge trade in every region and nation
By co-developing an Export Champions programme in every region and nation, and linking it with a new SME accelerator, potential exporters will gain access to best practice, support and guidance.
Supporting other firms in the supply chain
Business can support other domestic-based firms in their supply chain by identifying opportunities for them or providing wrap-around services when winning contracts overseas.
Become a superstar exporter and drive growth
By actively pursuing new markets and selling more globally, firms can become ‘superstar exporters’ which will drive growth and job creation.
How do we do this?
Help firms to increase their international ambitions
Whether by encouraging SMEs to trade for the first time, or by increasing the range of markets that established firms target and the products and services that they sell.
Actively prioritise markets where the UK can succeed
Target markets that could yield success, including the US, India and China, where the UK has proven competitive advantages.
Play to our strengths
Both in established sectors ranging from financial and professional services to the creative industries, and in growing industries such as green.
What the government needs to do
Match strengths in specific regions to opportunities overseas
Align DIT campaigns to strong country-sector combinations and focus resources on growth industries, alongside fully resourcing the UK’s new Trade and Investment Hubs.
Help SMEs to expand overseas
By developing a digital platform accelerator programme, providing market information and opportunities to showcase products internationally.
Tackle market access barriers
By establishing a Trade in Services commission and setting a long-term strategy for UK services trade.
Kickstart a new chapter of normalised UK-EU trading relations
By using the new Partnership Council and devise practical solutions to adjustment issues faced by firms on both sides.