The government’s new Trade Strategy offers “practical steps” for boosting SME exports, the director general of the Chartered Institute of Export & International Trade has said.
Responding to the publication of the strategy today (26 June), he said it “reflects what many of us in the export community have long been calling for” by making exporting “more accessible for businesses of all sizes, particularly SMEs”.
‘Practical tools’
He drew attention to the additional £20bn being made available for UK Export Finance (UKEF), which supports businesses to sell to the world. Also among the positive developments are the Small Exports Builder, Forgione noted, which the government says will “give smaller firms better access to export protection insurance” and “help overseas buyers finance repeat orders from trusted UK suppliers in a more streamlined way”.
In remarks also shared by the government, as it published the strategy, Forgione said these changes represented “practical tools designed to reduce friction and unlock potential for thousands of firms across the UK”.
Forgione identified a “commitment to simplify regulatory hurdles” that shows that “government is listening to what businesses actually need on the ground”.
‘An important moment’
More broadly, the Trade Strategy comes at a time of dramatic change for the global economy and trading order, Forgione said. It therefore “lands at an important moment”.
“Our research this week via the E-Commerce Trade Commission shows that better support for online exporters could unlock £7bn in additional GDP for the Treasury.
“Aligning this Trade Strategy with the Industrial Strategy launched earlier in the week sends a strong signal that trade, investment and growth are being tackled together. That’s vital if we want to remain competitive in a rapidly changing global economy.”
A successful trade strategy “isn’t about grand theory”, he argued, but about “making sure a gin distiller in Yorkshire or a software firm in Edinburgh has a clearer path to international success”.
“We’re proud to have helped shape this strategy through ongoing dialogue with government, and we stand ready to support its delivery alongside the business community.”
Speaking to the Independent earlier today, Forgione also placed emphasis on the continued importance of the digitalisation of trade, which he called a “high-growth route for the UK economy”. The Trade Strategy, he added, is a “blueprint” and a “credible roadmap to help businesses scale across borders”.
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