Source · Select Committees · Business and Trade Committee
Recommendation 7
7
Accepted
Align industrial and trade strategies to maximise growth opportunities for focus sectors
Recommendation
In a rapidly developing and uncertain global trade environment and with an ongoing pipeline of trade negotiations, it is crucial that the industrial strategy and trade strategy are closely aligned. Having chosen eight growth-driving sectors as the focus of the industrial strategy, the Government must now ensure that these sectors are supported to maximise their growth opportunities from future trade. (Conclusion, Paragraph 53)
Government Response Summary
The government states the Trade and Industrial Strategies were developed together and will provide direct support to businesses, including through information, commercial diplomacy, tailored export finance, international marketing, new legislation to increase UK Export Finance's portfolio, and a new "Ricardo Fund" to help regulators remove trade barriers.
Government Response
Accepted
HM Government
Accepted
4.1. The Trade Strategy and the Industrial Strategy were developed together, and they will work together hand-in-glove to give UK businesses the support they need to invest and grow. 4.2. The Trade Strategy sets out an ambitious plan for reshaping the way that the UK trades and marks a reset in our approach to international trade. Building on traditional Free Trade Agreements (FTAs), this strategy is designed to stimulate economic growth, through delivery of targeted business benefits, in a rapidly changing global landscape. 4.3. Together, these strategies set out how we will provide businesses with more and better direct support to grow exports, ranging from information and guidance to commercial diplomacy tailored export finance to international marketing campaigns. This includes bringing forward legislation to increase the maximum size of UK Export Finance’s financial portfolio, and supporting UK regulators to remove barriers to businesses trading abroad, creating a dedicated new “Ricardo Fund” for this purpose.