Are we ready to drive economic growth through global trade?
This year’s International Trade Week (ITW 2024) follows the recent publication of the government’s Industrial Strategy green paper and, of course, the Autumn Budget.
In their foreword to Invest 2035: The UK’s Modern Industrial Strategy, the Chancellor of the Exchequer, Rachel Reeves, and Secretary of State for Business and Trade, Jonathan Reynolds, state that the Strategy is “unreservedly pro-business” and that “It will be international from the start…”
The paper goes on to highlight some of the UK’s strengths in research and innovation and as the second biggest services exporter in the world. Recognition for our high standards and regulation, as well as achievements in decarbonisation is worldwide too. Our productivity growth has, however, slowed over the past decade and a half, and financial shocks and global
uncertainty have not helped the situation.
What will align businesses with the plans for growth?
The government has identified eight growth-driving sectors, based on existing and emerging strengths. They are: Advanced Manufacturing, Clean Energy Industries, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.
If you’re based within these sectors, or contribute to them, International Trade Week is a great time to explore opportunities to develop skills and knowledge to begin or progress your international trade journey.
There’s a renewed focus on ‘place’ too, and the paper mentions the benefits of regions and clusters, enabling local plans to overcome growth barriers and capitalise on brands of provenance that, in turn, can be exported to the rest of the world with additional credibility.
From film-making to financial services and pharmaceuticals, global markets are ready to receive, we just need to ensure that our businesses are evolving fast enough, with the right skills to be able to take advantage of these great opportunities.
Alongside the excellent programme of events provided by the Department for Business & Trade, you can access a host of resources and expertise through the experienced specialists at International Trade Matters. The team can provide advice and guidance on compliance issues, such as documentation and Incoterms®, or specific subjects like CBAM and PVA. They can also help with research into new markets or developing your export department.
If you’d like to delve a little deeper into your business, you can engage in the Global Trade Blueprint programme – an intensive one-to-one workshop series that identifies strengths and optimises businesses for high performance on the international stage.