Business, Freight News

Fox unveils export boosting plan

[ August 21, 2018   //   ]

International Trade Secretary Dr Liam Fox launched new Export Strategy aimed at increasing UK exports as a proportion of GDP to 35% on 21 August, including smarter and more tailored support to UK companies.

It will encourage and inspire more businesses to export, as well as providing information, advice and practical assistance on exporting

The scheme will be developed into a single digital platform for both domestic business growth and export support and will work with large companies to help build the capability of UK supply chains.

New measures include support for businesses looking to invest overseas and developing an online tool that will allow businesses to report any non-tariff barriers that they face.

The Government will also launch an awareness campaign to target UK exporters most likely to benefit from up to £50 billion worth of export finance and insurance support from UK Export Finance (UKEF).

Commenting on the strategy British Ports Association chief executive, Richard Ballantyne said: “In terms of goods, the UK is an import driven economy, however, there are real opportunities to increase exports to Europe and beyond. Ports are certainly ready to help facilitate the Government’s aims. Ports are vital to trade and it is essential that they are given the right economic and regulatory conditions to grow and develop to make trading easier and more efficient. …We are also discussing the value of ports to supply chains and trade generally with the Department for International Trade, and ports want to play their role in supporting the Government achieve its export targets and ambitions.”

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