UK Unveils Comprehensive Trade Strategy to Strengthen Global Position and Support British Business

The UK Government has announced a landmark Trade Strategy designed to enhance the country’s global trade footprint, support domestic industries, and drive economic growth. The new strategy aims to unlock £5 billion in export opportunities, expand UK Export Finance (UKEF) capacity to £80 billion, and establish the UK as the most connected trading nation in the world.

Central to the strategy is the introduction of the Ricardo Fund, a £5 billion initiative focused on removing regulatory barriers, influencing international standards, and enabling British businesses to access overseas markets more efficiently. The plan also delivers a significant boost to UKEF, including the launch of the Small Export Builder to improve access to export finance and protection for small and medium-sized enterprises (SMEs).

To ensure fair competition and safeguard domestic industries, the strategy includes enhancements to the UK’s trade defence system, making it more agile and assertive in response to global economic pressures and unfair trading practices. The government will also pursue greater mutual recognition of professional qualifications, reinforcing the UK’s position as the world’s second-largest exporter of services.

The strategy builds on recent high-impact trade agreements. A new deal with India is forecast to contribute £4.8 billion annually to the UK economy, reducing tariffs and expanding market access for key British exports. A landmark agreement with the United States, currently the only trade deal signed by the US with any country, protects a wide range of UK jobs, particularly in the automotive, aerospace, and steel sectors. Additionally, a revised EU agreement simplifies trade processes, benefiting exporters of food and agricultural products.

The UK will also join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA), reflecting its commitment to a transparent, rules-based global trading system. Future trade relationships will be deepened with emerging markets, including Brazil, Mexico, and the Philippines.

Industry leaders have widely welcomed the strategy. Organisations such as the CBI, Federation of Small Businesses, Make UK, and major financial institutions have praised its pragmatic approach and strong alignment with the recently launched Industrial Strategy. Together, these initiatives aim to enhance the UK’s competitiveness, promote high-quality jobs, and ensure sustainable long-term growth.