Gov’s new Export Strategy to turn Britain into ‘21st-century exporting superpower’

The Government is preparing to announce new measures to turn Britain into a “21st-century exporting superpower”.

International Trade Secretary Dr Liam Fox MP will today (August 21) set out plans to boost exports as a proportion of GDP to 35%.

The value of goods and services exported by British firms hit a record £620bn last year, accounting for 30% of the GDP.

But the Department for International Trade believes 400,000 businesses that don’t currently export have the potential to sell goods and services overseas.

Dr Fox will join the Minister of State for Trade and Export Promotion, Baroness Fairhead, as he lays out the Government’s long-term ambition to boost exports.

The Export Strategy outlines how the Government will provide smarter, more tailored support for UK companies.

It is underlined by four key measures.

Encouraging more firms to export – amplifying the voices of existing exporters to inspire others and facilitate peer-to-peer learning

Informing businesses by providing information and practical assistance – turning great.gov.uk into a digital platform for domestic business growth and export support

Connecting businesses to overseas buyers, markets and other UK firms – supporting companies as they look to invest overseas and creating a new online tool for businesses to submit information on the barriers they face

Finance – delivering an awareness campaign that targets the exporters most likely to benefit from up to £50bn worth of support from export credit agency UK Export Finance (UKEF), and promoting UKEF overseas to help UK firms and consortia secure contracts

Liam Fox will tell a business audience in London today: “The United Kingdom is a great exporting nation and our exporters lead the way, in creating jobs, raising wages and growing our economy.

“UK businesses are superbly placed to capitalise on the rapid changes in the global economic environment and I believe the UK has the potential to be a 21st century exporting superpower.”

He will continue: “As an international economic department, we are determined to support, connect and grow UK companies on the world stage through our international network.

“As we leave the EU, we must set our sights high and that is just what this Export Strategy will help us achieve.”

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