UK government outlines new measures to support international trade

Legislation | | MIC Customs Solutions |

The UK government has announced a number of measures designed to bolster the country's export performance and trade policy infrastructure.

The UK's Department for International Trade has outlined a number of measures to improve the country's export infrastructure as it continues to prepare to depart the European Union.

Announced in the recent government Autumn Statement, the plans will see the national export credit agency UK Export Finance double its total risk appetite to £5 billion (€5.95 billion), with the maximum cover limit for individual markets increasing by up to 100 per cent.

This will potentially result in as much as £2.5 billion of additional capacity to support exports to some destinations, while the number of pre-approved local currencies in which UKEF can offer support will be quadrupled from ten to 40.

Additionally, it was confirmed that £79.4 million will be made available to the Department for International Trade over the current parliamentary term to build capability and help support a smooth Brexit process, while also supporting global trade negotiations.

UK international trade secretary Dr Liam Fox said: "This settlement ensures we're able to support more UK exporters, attract more overseas buyers and strengthen our capability to develop and deliver an international trade policy for the UK."