Government review to encourage international trade

In a bid to encourage more UK businesses to investigate export opportunities, the Department for International Trade (DIT) has unveiled a new Government review.

The Export Strategy review, which will be spearheaded by Minister for Trade and Exports, Baroness Rona Fairhead, hopes to identify and explore new ways in which the Government can support UK companies with increasing their export activity.

The news comes after a recent study found that only nine per cent of British companies are currently exporting their offerings overseas, despite the significant financial and economic benefits of international trade.

Overall, UK exports have grown by 13.7 per cent in the last year, bringing in £602 billion.

But the DIT believes that this figure could be much higher if the Government was able to offer a greater level of assistance to those British small and medium-sized enterprises (SMEs) that are interested in branching out overseas.

According to the DIT, there are currently approximately 300,000 UK SMEs that produce ‘exportable’ goods, but do not currently do businesses overseas.

The DIT says that, under its Export Strategy review, it will work with various industries in a bid to increase awareness of export support and extend greater support of its own to businesses.

Baroness Hale, Minister of State for Trade and Exports, said: “The export strategy review will draw on expertise from across Government and the private sector, helping us to understand how best to support British companies to take advantage of opportunities in overseas markets.

“Throughout the process, we will look for significant input from UK businesses, both large and small, to ensure we develop a strategy that meets their needs.” 

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