UK Government unveils first trade strategy since Brexit
UK Government unveils first trade strategy since Brexit
A new UK Trade Strategy, published Thursday, aims to unlock £5 billion in global opportunities for British businesses and expand UK Export Finance (UKEF) support to £80 billion, promising faster deals, stronger protections, and a bigger global footprint for Welsh exporters.
The plan, the UK’s first comprehensive Trade Strategy since leaving the EU, signals a shift toward quicker, more targeted trade agreements. Ministers say the approach will drive growth, create high-quality jobs, and ensure British firms remain competitive in an increasingly turbulent global economy.
The strategy prioritises agility and responsiveness focusing on industries with the highest growth potential, such as services, green energy, and advanced manufacturing. Key measures include:
- Unlocking £5 billion in export opportunities through the new Ricardo Fund, which aims to cut red tape and influence international standards in favour of UK businesses.
- Expanding UKEF’s lending capacity to £80 billion, with new tools like a Small Exports Builder designed to help SMEs access export finance and insurance more easily.
- Toughening trade defences with a more assertive and accountable trade remedies system to protect vital UK sectors from unfair global trading practices.
- Accelerating mutual recognition of qualifications, helping the UK maintain its status as the second-largest exporter of services in the world.
- Deepening ties with new markets, including Brazil, the Philippines, and Mexico, and building on green trade partnerships with countries like Norway, Japan, and South Korea.
The UK will also join the WTO’s Multi-Party Interim Appeal Arbitration Arrangement (MPIA), reinforcing its commitment to a rules-based international trade system.
Secretary of State for Wales, Jo Stevens MP, welcomed the new strategy, highlighting its significance for Welsh firms.
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She said: “Our Trade Strategy is an important step forward for businesses in Wales. The UK Government has already secured better access for Welsh exporters to the EU, US, and India, and this new strategy builds on that progress.
“We’re focusing on targeted sector deals that will deliver results quickly and help Welsh businesses of all sizes reach new markets with greater confidence.”
“This approach ensures that innovation and economic growth benefit every corner of Wales, delivering on our Plan for Change commitment to raise living standards across the UK.”
The announcement follows the UK’s recent agreements with India, the EU, and the United States. Each is expected to deliver tangible benefits for British industries.
The India deal could boost the UK economy by £4.8 billion annually and increase wages by £2.2 billion, while removing tariffs on products like whisky, gin, clothing, and food.
A landmark US agreement, the only trade deal currently signed by Washington, protects key UK jobs across sectors including automotive, aerospace, and steel with direct implications for Welsh manufacturers.
The updated EU arrangement reduces red tape, easing the export of products like Scottish salmon and Welsh lamb, and simplifying travel regulations for British pet owners.
Prime Minister Keir Starmer said the strategy is part of a broader mission to “make Britain work for working people.”
“What works for business works for Britain. It means more jobs, more opportunities, and more money in people’s pockets,” he said.
“This Trade Strategy is a promise to British business, helping firms sell more, grow faster, and compete globally. It’s about delivering growth as part of our Plan for Change.”
Business and Trade Secretary, Jonathan Reynolds MP, added: “The UK is an open trading nation, but we must be realistic about the new geopolitical landscape and act in our national interest. This strategy sharpens our trade defences while seeking every opportunity to open new markets under better terms than before.”
As part of the strategy, the government also announced plans to work closely with industry leaders, unions, and consumers to shape future trade protections for UK steel, preparing for when the current safeguards expire in 2026.
The update coincides with news that UKEF will receive a £3 billion uplift, bringing its direct lending capacity to £13 billion, further supporting exports across the UK’s key industrial sectors.
For Welsh exporters, the new Trade Strategy signals a renewed focus on speed, sectoral relevance, and practical support designed to empower businesses across Wales to seize global opportunities with greater confidence and resilience.
