East Midlands Chamber has cautiously welcomed measures announced in the government’s Trade Strategy, which seeks to ease barriers for businesses that export overseas.
Key points in the Trade Strategy include:
- £20bn into UK Export Finance
- £5bn into a new ‘Ricardo Fund’ to support UK regulators and overseas trade teams in removing regulatory barriers for UK businesses trading abroad
- Flexible trade arrangements that are sector and industry specific
- Mutual Recognition Agreements (MRA’s)
- Mutual Recognition of Professional Qualifications (MRPQ’s)
- Support for SME’s with export
- A ‘proactive approach’ to imports
East Midlands Chamber Head of International Trade Lucy Granger said: “With export of goods and services having been a painfully slow, costly and drawn-out process for firms since the UK’s exit from the EU, coupled more recently with the ongoing changing tariffs imposed by the US, any initiatives to reduce the burden on exporters is something I welcome but what matters here is the detail. How and when exactly might these measures be implemented and will the results actually speed things up in practice – that’s what businesses will want to see.
“Right now, there are barriers that complicate processes that should really be quite simple – like what country does a product you’re exporting originate in, what differing rules might each country have on recognition of that product’s origin. For someone wanting to do business overseas, are their qualifications recognised in that country? Working to remove some of those hurdles, if successful, would be a good forward step and less time consuming for firms that export.
“Further Free Trade Agreements, if they happen would certainly help, too, however there needs to be support in place for firms in how to use them to make the export process as smooth as it can be. Likewise, if SME’s are to be supported, as proposed in the Trade Strategy, how might that work?
“For businesses exporting overseas, the Chamber’s International Trade department can offer guidance on how best to handle all the elements involved as we go forward.”
