UK AIMS TO RAISE ITS EXPORTS TO 35% OF GDP

The British government will form a new export strategy on Tuesday (21) intended to boost country’s exports to 35 percent of gross domestic product (GDP), as it aims to improve trade ties with the rest of the world after Brexit.

The British government said, better use of its overseas network, online means and promotion of export finance assistance acquirable from government would be among the strategies put in place on Tuesday (21) to support more businesses to export their goods and services.

Last year, 620 billion GBP worth goods and services were exported by British businesses which accounted for 30 per cent of country’s total GDP. However, an estimation from UK’s Department for International Trade states that 400,000 companies expect that they could export but don’t, while demand for British goods and services in abroad is growing.

“The new initiative to raise the exports comes as the government continues to roll out sector deals as part of the industrial strategy, boosting jobs and growth in the areas where the UK has a competitive edge-now supporting the export of this expertise across the world,” said UK’s Department of International Trade in a release.

Research studies state that businesses that export have high growth potential, are more productive and have good paid jobs.

“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,” British trade minister Liam Fox will communicate in a speech to a business audience in London, according to extracts released in advance.

Meanwhile, British Chambers of Commerce (BCC) has welcomed the government’s new export strategy to increase country’s exports to the tune of 35 per cent of the GDP. “We warmly welcome the government’s pledge in the new export strategy to work hand-in-hand with business to unlock opportunities for UK firms all across the globe. Working together, business and government have a real opportunity to help our fantastic firms raise their sights even higher,” will say Dr Adam Marshall, Director General of BCC in a speech, according to extracts released in advance.