International Trade Secretary Dr Liam Fox has unveiled ambitious new plans to turn the UK into a “21st Century exporting superpower.”
The news comes alongside the publication of the Government’s much-anticipated Export Strategy, which sets out what measures will be explored in order to boost international trade in the years ahead.
Unveiling the new Strategy on Tuesday 21 August, Dr Fox announced his intention to increase UK exports to make up 35 per cent of Gross Domestic Product (GDP).
Currently, British exports make up around 30 per cent of GDP, with the value of total exports soaring to a record-breaking £620 billion last year.
The Government’s Export Strategy is largely centred around what can be done in order to encourage more small and medium-sized enterprises (SMEs) to start dealing on a wider, more international scale.
“The UK is punching above its weight, but below its potential,” Dr Fox said.
“By utilising the UK’s overseas network, online tools and business mentoring, the Export Strategy will help UK enterprises achieve the Government’s target of increasing UK exports as a proportion of GDP to 35 per cent.”
In recent days, various industries have reacted positively to the Government’s ambitious and optimistic proposals.
Ian Wright, Chief Executive of the Food and Drink Federation (FDF), said that the new Strategy would prove to be an important step in helping food producers and manufacturers to explore more export opportunities.
“Food and drink is a UK exports success story, with global sales reaching a record level of £10.6 billion for the first half of 2018,” he said.
“Yet the majority of UK food and drink businesses still do not export and, as a country, we export less food and drink than some of our competitors.”
Carolyn Fairbairn, Director General of the Confederation of British Industry (CBI), added: “The CBI strongly supports the ambition to make exports 35 per cent of GDP. We estimate that in every region of the country, there are around 10 percent of businesses that could export, but don’t, and we look forward to working alongside the Government to support and inspire them to seize the opportunity.”
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