The new strategy focuses on quicker, practical deals, strengthened trade defences, and increased support for small exporters. Designed to make the UK the world’s most connected trading nation, the strategy takes a targeted, agile approach, prioritising high-growth sectors and aligning trade with national priorities such as services and green growth. A new Ricardo Fund will help tackle regulatory hurdles and open up markets for UK firms, the UK government said in a press release.
The government will also bolster trade remedies to protect vital industries from global threats and unfair trading practices. Small exporters are set to benefit from the newly introduced Small Export Builder and improved finance mechanisms to ease repeat orders from overseas buyers.
The UK is enhancing its role in the global trading system by joining the WTO’s Multi-Party Interim Appeal Arbitration Arrangement (MPIA), reaffirming its commitment to rules-based trade.
The strategy builds on recent trade successes, including agreements with India, the US, and the EU. The India deal alone is projected to add £4.8 billion to the economy and £2.2 billion to wages annually. The US pact safeguards thousands of jobs across key industries, while the updated EU agreement reduces red tape for UK exporters, added the release.
ALCHEMPro News Desk (SG)
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