London [United Kingdom], June 26 (ANI): The UK government on Thursday released a new Trade Strategy aimed at making the country the most globally connected nation, while safeguarding key industries, enhancing export capacity, and supporting business growth amid global economic challenges.
According to an official statement, the strategy sets out plans to unlock £5 billion in opportunities for British exporters and expand UK Export Finance (UKEF) capacity to £80 billion, aligning trade policy with the government’s “Plan for Change.”
This marks the first Trade Strategy since the UK’s departure from the European Union, introducing a more agile, practical, and targeted approach. The plan emphasizes faster and more focused trade deals, especially in high-growth sectors like green energy, services, and technology.
Among the major initiatives, the UK will launch the Ricardo Fund to help resolve regulatory issues, influence global standards, and remove trade barriers. UKEF’s capacity will be expanded by £20 billion, and a Small Export Builder scheme will be introduced to give small and medium-sized enterprises (SMEs) better access to export insurance. Improvements will also streamline financing for overseas buyers of UK goods and services.
The strategy also strengthens trade defence tools to combat unfair global practices and protect domestic jobs. It includes provisions for the mutual recognition of international qualifications to enhance the UK’s status as a services superpower and builds on existing clean energy and green sector partnerships with countries like Norway, Japan, and South Korea. The UK also plans to deepen cooperation with emerging markets such as Brazil, Mexico, and the Philippines. In a further move to bolster its commitment to a rules-based global trading system, the UK will join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA).
This strategy comes amid increasing global protectionism and economic uncertainty, and follows the conclusion of three major trade deals with the United States, the European Union, and India. These agreements are expected to significantly benefit UK exporters, lower tariffs, and remove regulatory barriers, especially for sectors such as automotive, steel, food, and beverages.
Prime Minister Keir Starmer said the new strategy demonstrates that “what works for business, works for Britain,” and emphasized that it would generate jobs, opportunities, and growth across the nation. “Today’s Trade Strategy is a promise to British business: helping firms sell more, grow faster, and compete globally,” he said.
Business and Trade Secretary Jonathan Reynolds highlighted the need to reconcile the UK’s open trading approach with new geopolitical realities. He said the strategy provides sharper trade defences while aggressively pursuing growth opportunities in key sectors.
The strategy includes provisions to protect the domestic steel sector, with new trade measures anticipated following the expiry of the UK steel safeguard in 2026. Additionally, up to £13 billion in direct lending will be made available to support key industrial exporters.
Business and trade leaders across the UK welcomed the announcement. Shevaun Haviland, Director General of the British Chambers of Commerce, said the strategy rightly targets strengths in services and high-growth goods sectors while supporting regional economic development. Rain Newton-Smith, CEO of the CBI, praised the UK’s continued openness and ambition in global trade. Ian Stuart, CEO of HSBC UK, described the strategy as a vital blueprint for supporting businesses amid global uncertainty.
Jon Holt, Group Chief Executive of KPMG, said the strategy offers a clear plan to enable UK professional services to expand globally. Stephen Phipson CBE, CEO of Make UK, noted the alignment of the Trade and Industrial strategies as a long-overdue example of joined-up government thinking. Mike Hawes, Chief Executive of the Society of Motor Manufacturers and Traders, welcomed the strategy as essential for boosting the global competitiveness of UK automotive. Nigel Milton of Heathrow Airport highlighted the vital role of trade in economic growth and reaffirmed Heathrow’s support for the new strategy’s implementation.
Paul Nowak, TUC General Secretary, acknowledged the focus on workers’ rights and good jobs. Julian David, CEO of techUK, welcomed the long-term vision to leverage the UK’s strengths in services and digital sectors. Tina McKenzie of the Federation of Small Businesses praised the focus on SMEs, digital tools, and reduced red tape, urging the government to deliver more funding and tailored support.
The government also published the Global Trade Outlook 2025 alongside the strategy, examining the future landscape of global trade and economic shifts. Combined with the recently announced Industrial Strategy, the Trade Strategy aims to deliver a clear and unified roadmap for building a resilient, inclusive, and prosperous UK economy. (ANI)
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