UK Government Unveils New Trade Strategy

Business News Wales

2 days ago

The UK Government is publishing its first Trade Strategy since the UK left the EU.
It said the strategy will make the UK 'the most connected nation in the world' adding that it will secure billions worth of opportunities for businesses.
The UK Government says the Trade Strategy will: Unlock £5 billion worth of opportunities for UK exporters through the new Ricardo Fund, which will tackle complex regulatory issues, shape global standards, and remove obstacles for UK businesses selling abroad.
Expand UK Export Finance (UKEF)'s capacity by £20 billion to a total of £80 billion, announce a new Small Exports Builder to give smaller firms better access to export protection insurance, and introduce improvements to help overseas buyers finance repeat orders from trusted UK suppliers in a more streamlined way.
Vow to bolster the UK's trade defence toolkit and make the trade remedies system more agile, assertive, and accountable to guard British businesses against global turbulence and the growing threat of unfair trading practices.
Target more mutual recognition of qualifications to boost the UK's status as a services superpower – the second biggest exporter of services in the world.
Build on existing clean energy and green sector agreements with partners including Norway, Japan and South Korea and explores new, deeper cooperation with markets such as Brazil, the Philippines and Mexico.
Announce the UK will join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), a temporary arbitration arrangement for resolving appeals to WTO trade disputes, demonstrating our commitment to an effective rules-based international trading system
The UK Government has also published the Global Trade Outlook 2025 which explores the long-term trends that may shape the global economy and international trade in the coming decades.
Prime Minister Keir Starmer said:
'What works for business, works for Britain. It means more jobs, more opportunities, and more money in people's pockets.
'That's why I've backed British industry through global headwinds—securing major trade deals with the US, India and the EU that protect jobs and drive growth right across the country.
'Today's Trade Strategy is a promise to British business: helping firms sell more, grow faster, and compete globally. It's about delivering growth as part of our Plan for Change—and making sure working people feel the benefits.'
Business and Trade Secretary Jonathan Reynolds said:
'The UK is an open trading nation but we must reconcile this with a new geopolitical reality and work in our own national interest
'Our Trade Strategy will sharpen our trade defence so we can ensure British businesses are protected from harm, while also relentlessly pursuing every opportunity to sell to more markets under better terms than before.
'Broad and complex trade deals like we secured with India will bring billions to our economy every year but to deliver the Plan for Change we will strike more agile, targeted deals that exploit the sectors which drive the most growth for our economy.'
UKEF measures included in the Strategy accompanies news this week that up to £13 billion of direct lending will be used to help boost exports across key industrial sectors, marking a £3 billion uplift in UKEF's facility.
Secretary of State for Wales Jo Stevens said:
'Our Trade Strategy is an important step forward for businesses in Wales. The UK Government has already secured better access for Welsh exporters to the European Union, United States and India in recent trade deals and this builds on the progress made.
'We are focusing on targeted sector deals which will deliver results quickly that help Welsh businesses of all sizes reach new markets with greater confidence.
'This approach ensures that innovation and economic growth reach all parts of Wales, delivering on our Plan for Change commitment to raise living standards throughout every part of the UK.'
Shevaun Haviland, Director General at the BCC, said:
'The Trade Strategy sets out a clear, evidence-based approach to raising the UK's export game. It rightly targets our strength in services, and vital high-growth goods sectors while identifying key markets in the Indo-Pacific, Americas and European neighbourhood. A focus on sectoral and digital trade deals is also welcome, alongside a commitment to a functioning rules-based global trading system.
'Place matters in trade. This strategy can generate economic growth in every nation and region of the UK, lowering tariffs and removing trade barriers. Our Chamber Network stands ready to build, invest and deliver on international trade as a partner of government and an engine for economic growth.'
Ian Stuart, CEO of HSBC UK, said:
'I welcome today's announcement of the Trade Strategy. It provides a vital blueprint to ensure the UK's continued role as a great trading nation and leading services exporter, with a focus on the sectors that will drive growth in the decades to come.
'It also rightly recognises the challenges many exporters face at a time of heightened global uncertainty. This is a necessary first step in giving businesses the tools they need to thrive on the world stage. HSBC looks forward to supporting businesses to take advantage of the strategy and unlock the full benefits of international trade.'
Jon Holt, Group Chief Executive and UK Senior Partner, KPMG, said:
'Our professional and business services industry is an international success story with our expertise in demand around the world. As a high-growth sector, we have long called for a Trade Strategy that enables UK businesses to take advantage of new global opportunities and expand into emerging markets.
'Today we have a clear plan. From removing barriers to overseas markets, to making it easier for our highly skilled people to travel and work across borders, this approach will strengthen our connectivity, boost inward investment and make sure our sector remains globally competitive.
'The strategy's success will depend on a strong partnership between business and Government.'
Mike Hawes, SMMT Chief Executive, said:
'UK automotive is a trade powerhouse, generating imports and exports worth 108bn a year and typically Britain's biggest exporter of manufactured goods. Free and fair trade is fundamental to our success and recent agreements with India, the US and, particularly, the EU signal that intention.
'Today's trade strategy, aligned to the industrial strategy announced earlier this week, can provide the basis for continued success.
'Balanced trading relationships that break down tariffs and other barriers to trade will enable automotive companies to grow and get great British products into the hands of consumers all over the world, boosting jobs, business and prosperity at home.'
John Pattinson, Founder and Managing Director of Air Cover Ltd, and a DBT Export Champion, said:
'The UK Government plays a vital role in enabling and accelerating the journey to export—a critical driver of economic growth. At Air Covers, we have benefited greatly from our close partnership with DBT Wales.
'The support we've received from DBT Wales, as well as from UK embassies and High Commissions around the world, has been instrumental to our expansion and success in international markets.
'We believe that the UK Government's Trade Strategy will open new opportunities for growth, both in established regions and emerging markets. For UK exporters, free trade agreements and the simplification of cross-border regulations are essential to unlocking global potential and maintaining a competitive edge.'