Tag: Department for International Trade

  • PRESS RELEASE : Business and Trade Secretary targets progress on post-Brexit trade wins in first visit to Mexico [February 2023]

    PRESS RELEASE : Business and Trade Secretary targets progress on post-Brexit trade wins in first visit to Mexico [February 2023]

    The press release issued by the Department for International Trade on 9 February 2023.

    Kemi Badenoch is visiting Mexico to progress two significant post-Brexit deals, remove barriers to business, and grow both UK exports and investment.

    • Kemi Badenoch is the first cabinet minister for trade to visit Mexico since 2017, and will use meetings with Mexican ministers and businesses to unlock progress on two major deals
    • Top of the agenda is UK’s bid to join CPTPP – the 11-country Indo-Pacific trade bloc worth combined £9 trillion in GDP, with Mexico a founding member
    • She will also hold high level talks to boost bilateral UK-Mexico trade, already worth £4.5bn, as part of a new, modern two-way trade deal

    Business and Trade Secretary Kemi Badenoch is visiting Mexico today [9th February] to progress two significant post-Brexit deals, remove barriers to business, and grow both UK exports and investment.

    On a two-day visit to Mexico City she will hold talks with her cabinet counterparts, including Mexico’s Secretary of Economy Raquel Buenrostro, to discuss the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and a new bilateral UK-Mexico deal.

    The UK is nearing the final stages of talks to join the £9 trillion (GDP) Indo-Pacific trade bloc made up of some of the world’s biggest current and future economies. Joining could give UK businesses tariff-free access on over 99% of goods to a market of around 500 million customers.

    The UK is also renegotiating our Free Trade Agreement with Mexico – first agreed 20 years ago – to bring it into the digital age, and ensure it reflects UK strengths in areas like services and tech.

    Our ‘Mexico 2.0’ deal could transform the UK’s relationship with the world’s 16th biggest economy and open up one of the world’s largest consumer markets – with a population projected to reach nearly 150 million by 2035.

    A new UK-Mexico deal would aim to deliver major opportunities for small businesses across the country as well as the financial services and tech sectors thanks to expansive services provisions, boosting the £1.9bn worth of services trade the UK already does with Mexico.

    Business and Trade Secretary Kemi Badenoch said:

    Mexico is a top-20 global economy, and a core member of the exciting trans-pacific trade bloc. I’m here to push progress on two significant post-Brexit wins that will not only benefit British businesses, but also show what the UK has to offer CPTPP countries.

    We will add £2 trillion to the bloc’s GDP when we join, taking it up to 15% of the world’s GDP, and will add a strong voice promoting free trade and defending against protectionism on the global stage.

    Whilst there, the Business and Trade Secretary will meet with the Finance Minister Rogelio Ramírez de la O and finance firms to discuss opportunities for British businesses to tap into the country’s fast-growing fintech sector – the second largest in Latin America.

    Kemi Badenoch, who also serves as the UK’s Equalities Minister, will launch the next phase of the UK’s Gender Pay Gap project in Mexico, aimed at upskilling Mexican businesses and government stakeholders on gender pay gap reporting.

    The project aligns with both countries’ commitment to include a dedicated trade and gender equality chapter in the FTA which aims to break down barriers faced disproportionately by women in trade.

    She flew straight from Rome, fresh after signing a new trade partnership to promote investment and exports between the UK and Italy. The last visit to Mexico by a cabinet minister for trade was in 2017, when Liam Fox visited in July.

    Background:

    See below figures on selected top goods imports and exports to/from Mexico – according to ONS trade data for the last 12 months to November 2022.

    Some of our top imports from Mexico are:

    • Cars & other vehicles £172m
    • Telecoms and sound equipment (ie smartphones, sound recording equipment etc) £133m
    • Beverages (ie beer, tequila) £57m
    • Fruit and vegetables (including mangos, avocados and lemons and more) £43m

    Some of our top exports to Mexico are:

    • Beverages (including whisky) £144m
    • Cars and other vehicles £105m
    • Iron and steel £63m
    • Misc electrical goods (ie fridges, insulating equipment etc) £46m
  • PRESS RELEASE : Business and Trade Secretary signs landmark first partnership with EU nation to boost British exports [February 2023]

    PRESS RELEASE : Business and Trade Secretary signs landmark first partnership with EU nation to boost British exports [February 2023]

    The press release issued by the Department for International Trade on 8 February 2023.

    Business and Trade Secretary Kemi Badenoch signs UK-Italy export and investment partnership boosting UK exports, help create jobs, increase wages and grow the economy.

    • Kemi Badenoch signs UK-Italy export and investment partnership on visit to Rome – the first such partnership between the UK and any EU country.
    • Partnership will strengthen our post-Brexit export and investment links with Italy and intends to boost a trade relationship worth more than £43 billion.
    • Business and Trade Secretary will also co-chair the first UK and Italy CEO Forum, bringing together businesspeople from the two countries to bang the drum for the UK as a top investment destination.

    The UK and Italy have today (Wednesday 8 February) agreed a momentous trade partnership to boost UK exports, help create jobs, increase wages and grow the economy.

    On her first overseas visit as the Business and Trade Secretary, Kemi Badenoch MP and Italy’s Minister for Foreign Affairs and International Cooperation and Deputy Prime Minister Antonio Tajani met in Rome today to sign the UK-Italy Export and Investment Promotion Dialogue – the first agreed between the UK and any EU country.

    The partnership aims to strengthen exports in high-performing and growth sectors of the future, such as Life Sciences and Digital and Tech, as well as promoting inward investment, including low-carbon industries such as Offshore Wind and Carbon Capture Storage.

    The agreement reinforces the UK’s position as a vital trade partner within Europe and the G7. It demonstrates how we can use our position as an independent trading nation to agree comprehensive trade deals with new markets, while also strengthening partnerships with EU members.

    Business and Trade Secretary Kemi Badenoch MP said:

    “This partnership marks a significant milestone in the UK’s trading relationship with Europe and shows how an independent UK can benefit from striking ambitious trade deals with the world, while also reinforcing our already strong and prosperous trading relationship with EU members such as Italy.

    “This partnership will boost trade and investment between British and Italian businesses, ease the path for valuable investment, and will crucially grow UK exports as we aim for our target of selling £1 trillion of goods and services a year to the world by the end of the decade.”

    Both the UK and Italy are in the top 10 global economies. Trade between the UK and Italy is worth more than £43 billion, making it the UK’s 11th largest trading partner.

    The most popular UK exports to Italy include cars, worth £932.5 million and equivalent to 10.1% of all UK goods exported to Italy, and £507.7 million worth of mechanical power generators.

    In 2020-21, Italy was also the 6th largest source of UK Foreign Direct Investment (FDI) projects globally.

    During her visit, the Business and Trade Secretary will co-chair the first UK and Italy CEO Forum, alongside the Minister for Enterprises and Made in Italy Adolfo Urso. The meeting is the first of its kind and she will discuss her top trade priorities which include breaking down trade barriers, making the UK the undisputed top investment destination in Europe and attracting new investment helping to level-up the country.

    She will also meet with the heads of major Italian investors in the UK including innovative wind turbine business ACT Blade, and Eni, world leading energy company.

    Badenoch will also make the opening remarks at the 30th anniversary of the Pontignano Forum where she will discuss the importance of economic security and trade in turbulent times.

  • PRESS RELEASE : British business sizes up global trade wins as Malaysia and Chile join Indo-Pacific bloc [February 2023]

    PRESS RELEASE : British business sizes up global trade wins as Malaysia and Chile join Indo-Pacific bloc [February 2023]

    The press release issued by the Department for International Trade on 6 February 2023.

    UK business opportunities bolstered as Malaysia and Chile join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

    • Malaysia and Chile ratify membership of CPTPP, bolstering the Indo-Pacific trade bloc worth a combined £9 trillion of GDP
    • The UK is working to become the first European member of the bloc this year with negotiations progressing well
    • British businesses can add Malaysia and Chile to the list of countries they could benefit from lower tariffs on exports to now they have joined CPTPP

    Malaysia and Chile have officially joined the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), meaning British businesses will get better access and lower tariffs in the Malaysian and Chilean markets when the UK joins the dynamic trade bloc.

    Malaysia is one of the CPTPP members with which the UK does not currently have a bilateral free trade agreement. The UK and Malaysia both joining CPTPP will greatly increase the UK’s access to the Malaysian market and could boost the £2.9bn worth of exports we currently sell there annually.

    Chile was the first country to sign a trade deal with the UK after we left the EU which secured preferential access to each other’s markets. Chile remains one of the foremost champions of free and open trade in the Pacific region and is keen to deepen our trading relationship, which was already worth £1.5bn in 2021.

    Joining CPTPP will also provide opportunities for collaboration with Chile in areas such as fintech, green finance and cybersecurity, supporting innovation in our financial services sector and helping develop our countries as leaders of financial services.

    The UK is making good progress in negotiating our own accession to CPTPP. UK accession could mean more than 99% of UK exports to member countries become eligible for tariff-free trade.

    Minister of State for Trade Policy Greg Hands said:

    This is great news for UK businesses and global free trade. The Indo-Pacific has some of the most innovative and fast-growing economies in the world and closer ties with markets like Malaysia and Chile will demonstrate how our trade agenda is delivering for the whole of the UK.

    I’ve spent the last few days in the Asia-Pacific region to discuss our accession to CPTPP which will take the bloc from 12% to 15% of global GDP and will mean we are using our independent trading powers to bring a new, strong, persuasive voice to a network committed to free trade.

    Sheffield-based chilli paste manufacturer Mak Tok has been exploring Malaysia as a new potential market and is looking to license the brand and partner with a manufacturer in the country.

    Mak Tok rose to fame after showcasing its Malaysian chilli paste and sauces on Dragon’s Den. The business has been created around traditional Malaysian cuisine and already exports to other CPTPP member countries including New Zealand.

    The Department for International Trade (DIT) has supported Mak Tok on its exporting journey and the benefit of improved market access could mean they see increased opportunities to trade with Malaysia as joint members of CPTPP.

    Mak Tok Founder Will Chew said:

    Malaysia and its neighbouring countries have always been markets Mak Tok has been trying to penetrate. For the past few months, we have been working closely with our dedicated International Trade Advisor and the wider Department for International Trade (DIT) team on a strategy to establish those critical initial contacts in the region.

    Being a part of CPTPP will accelerate our conversations with potential manufacturing and distribution partners, which will generate a new revenue stream for the business, expand our market reach and increase the movement of our products.

    These key metrics will fuel the growth of Mak Tok by attracting new key investors in the Indo-Pacific region to help drive the brand even further.

    Founded in Bath in 1990, the Fine Cheese Co. export a range of traditionally made artisan cheeses from independent producers from across the UK. The product can currently be found in over 600 delicatessens, farm shops and independent retailers across the UK and thirty other nations across the globe, from Chile to Australia.

    Fine Cheese Co. Owner and Director, John Siddall, said:

    Having exported to the country since 2008, The Fine Cheese Co. is excited about the future opportunity of the Chilean market at the nation’s gourmet market expands.

    The most recent round of CPTPP negotiations, held in London in December, made good progress and the UK continues to engage in talks on both a bilateral and collective basis with CPTPP members.

    Joining CPTPP puts Britain at the heart of a dynamic group of countries, as the world economy increasingly centres on the Pacific region. As these economies grow, stronger trade links with these countries are crucial to benefiting from this growth.

  • PRESS RELEASE : UK ready to boost CPTPP’s economic clout, says Trade Minister on Asia-Pacific visit [January 2023]

    PRESS RELEASE : UK ready to boost CPTPP’s economic clout, says Trade Minister on Asia-Pacific visit [January 2023]

    The press release issued by the Department for International Trade on 31 January 2023.

    Trade Minister Greg Hands heads to Vietnam, Malaysia and Singapore for high level trade talks and to promote UK’s accession to CPTPP.

    • Trade Minister Greg Hands embarks on three-day trip to Vietnam, Malaysia and Singapore
    • High level trade talks will focus on benefits of UK joining CPTPP, which would take trade bloc’s GDP to £11 trillion
    • Visit underlines UK’s post-Brexit shift to boost trade with Indo-Pacific region – predicted to account for majority of global growth by 2050

    Trade Minister Greg Hands arrives in Vietnam, Malaysia and Singapore on Wednesday [1 Feb] for high level trade talks on how the UK joining CPTPP will boost the economic clout of the world’s most dynamic trade bloc.

    The UK’s membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will add another like-minded partner and strong voice to this powerful alliance, taking the trade bloc’s GDP to £11 trillion. It will give UK businesses tariff-free access on over 99% of goods to a market of around 500 million customers.

    As a major economy and strong advocate of free trade, our membership will support the trade bloc to shape the high standards of global trade – particularly in the face of increased protectionism.

    With the next round of CPTPP negotiations taking place soon, the Minister will express the UK’s desire to finalise accession at the earliest opportunity – a top priority for both the Trade Secretary, Kemi Badenoch and the Minister.

    Minister of State for Trade Policy Greg Hands said:

    Joining CPTPP will add even more economic clout to this exciting and dynamic trade alliance, helping it grow to £11 trillion or from 12 to 15% of global GDP.

    This visit will also strengthen our bilateral trade relationships with Vietnam, Malaysia and Singapore – which total £32bn. These fast-growing economies represent huge opportunities for our life sciences and technology sectors.

    Starting in Vietnam, the Minister will head to Hanoi for talks with Vice Minister for Trade & Investment Tran Quoc Khanh. He will also celebrate 50 years of diplomatic relations with Vietnam.

    He will then head to Malaysia to sit down with the Minister of International Trade and Industry, Tengku Zafrul Aziz and the Minister of Economy YB Rafizi Ramli.

    Malaysian investment into the UK has grown considerably, jumping 57% between 2020 and 2021 to £2.4 billion, with the recent £9 billion redevelopment of Battersea Power Station by a Malaysian consortium symbolising this success.

    Finishing in Singapore, Hands will meet with the Minister for Trade and Industry, Minister Gan to discuss CPTPP and the UK-Singapore Digital Economy Agreement (DEA) signed last summer.

    The UK-Singapore DEA is the world’s most innovative trade agreement. The Minister will see first-hand how it is fuelling digital trade, benefitting UK and Singaporean businesses.

  • PRESS RELEASE : New Defence Export Advocate appointed to drive UK defence exports [January 2023]

    PRESS RELEASE : New Defence Export Advocate appointed to drive UK defence exports [January 2023]

    The press release issued by the Department for International Trade on 25 January 2023.

    Lord Lancaster appointed as the Government’s new Defence Export Advocate by the Trade Secretary, to drive the UK’s defence exports in a brand-new role.

    • Trade Secretary Kemi Badenoch appoints Army Reservist and former Defence Minister Mark Lancaster into brand-new role
    • Lord Lancaster will engage with industry leaders, ministers and other key players both in the UK and overseas to drive UK defence exports
    • UK is the world’s second-largest defence exporter, and its defence sector contributed £10.6 billion to the economy in 2020 – supporting 92,000 jobs

    Trade Secretary Kemi Badenoch has appointed Lord Mark Lancaster as the Government’s new Defence Export Advocate, to drive the UK’s export success across its world-class defence sector in a brand-new role.

    Lord Lancaster – who will report directly to the Trade Secretary – will take on a programme of visits both overseas and at home to promote UK defence exports, developing relationships with industry leaders, foreign government ministers and other key industry players to create new export opportunities for UK firms.

    He will also help drive defence export success in the UK, visiting key defence shows like Defence Security Equipment International (DSEI), Farnborough International Airshow and others, using his influence and experience to engage with key contacts such as defence company CEOs.

    The UK’s defence sector is hugely important to the economy. In 2020, it supported over 92,000 full-time jobs across the country – including over 20,000 each in South West and North West England – areas where the sector makes a significant contribution to local economies, such as Gloucestershire and Cumbria.

    In 2020 the sector also had a turnover of £25.3 billion, while the wider aerospace, defence and security sectors supported 415,000 direct jobs in 2022.

    Lord Lancaster brings a wealth of specialist defence experience to the role – as an active Brigadier in the Army Reserves, and having served as a Defence Minister between 2015-2019. He was also previously a Major in the Territorial Army, having served as part of NATO peacekeeping forces in Kosovo and Bosnia.

    Trade Secretary Kemi Badenoch said:

    The UK’s defence sector is worth billions in exports and drives growth, investment and jobs in every corner of the country, helping to grow our economy and moving us forward in the Race to a Trillion exports.

    Mark knows that more exports and investment are just what this industry needs to boost jobs and help us stay ahead of the competition, and I’m delighted to have him on board to spearhead our efforts.

    Defence Export Advocate Lord Lancaster said:

    Our defence export sector makes a crucial contribution to the country, bringing advanced jobs, cutting-edge defence capabilities and investment to the UK.

    I’m delighted to be taking on this role to boost our exports further, and help to cement the UK’s standing as a global leader in the defence sector.

    Defence Secretary Ben Wallace said:

    Our thriving defence industry is a national asset, worth billions of pounds, supporting our Armed Forces and driving growth, innovation and significant investment across the UK.

    It’s right that we prioritise supporting British industry with a dedicated champion for UK defence exports, and Mark is the right man for the job.

    Lord Lancaster will initially focus on defence export opportunities in Brazil, Turkey, Indonesia and Qatar, as well as countries in NATO’s Eastern Flank – markets which DIT’s Defence and Security Exports Directorate, UK DSE, has identified as where Lord Lancaster will be able to make the biggest impact in his role.

    The role of Defence Export Advocate is unpaid and similar to that of a Trade Envoy – but with a global remit, rather than focusing on any one geographic region.

  • PRESS RELEASE : UK and North Carolina State hold inaugural Working Group meeting [January 2023]

    PRESS RELEASE : UK and North Carolina State hold inaugural Working Group meeting [January 2023]

    The press release issued by the Department for International Trade on 24 January 2023.

    First North Carolina Working Group meeting under the UK-North Carolina trade MoU takes place in Raleigh.

    On Tuesday, January 24, 2023, the UK and State of North Carolina held the first government-to-government working group meeting under the UK-North Carolina Memorandum of Understanding (MoU) on economic cooperation and trade relations, in Raleigh.

    Colin Gray, Deputy Consul General for the United Kingdom in Atlanta, and Machelle Baker Sanders, Secretary of Commerce for the State of North Carolina, co-chaired the meeting, attended by officials from the respective governments.

    The group acknowledged the early progress made across a range of economic and cultural areas since the MoU’s signature in July 2022. Activity to date has included:

    Cooperation in sectors related to green trade, a key theme of the MOU, such as sharing expertise and methods for the development of offshore wind infrastructure;
    The promotion of trade and investment opportunities to SMEs between North Carolina and the UK; and
    The advancement of opportunities for women through new commercial partnerships, including within the sports economy.
    The working group discussed and identified further opportunities to advance cooperation in the coming months. Key areas of joint working will include:

    Continuing the emphasis on offshore wind through a focus on supply chain development;

    Exchanging information on procurement processes, including opportunities related to electric vehicles charging, and associated infrastructure;

    Exploring how innovation in motorsports can lead to developments in energy efficiency, and examining how these developments can apply to the wider automotive sector;

    Exploring how UK companies can best support North Carolina’s EV ambitions of being at the front of the global market transition to zero-emission vans, buses and trucks; and

    Furthering the collaboration between world leading academic institutions in the UK and North Carolina.

    Both sides agreed to expand the next working group session to involve representatives from industry and academia to be held later this year in the UK.

  • PRESS RELEASE : UK-Australia Free Trade Agreement – 10 key benefits [December 2021]

    PRESS RELEASE : UK-Australia Free Trade Agreement – 10 key benefits [December 2021]

    The press release issued by the Department for International Trade on 16 December 2021.

    The deal will play an important role in levelling up the UK, delivering benefits for towns, cities and rural areas throughout the country. It is expected to increase trade with Australia by 53%, boost the economy by £2.3 billion and add £900 million to household wages in the long-run.

    1. Unprecedented access for British services and investors

    This deal goes further than Australia has ever gone before in giving services companies access to the Australian market. This means that UK services from architecture and law to financial services and shipping will be able to compete in the Australian market on a guaranteed equal footing. This could increase exports of UK services to Australia, worth £5 billion in 2020.

    UK investors will also benefit from more access than ever before to opportunities in Australia, with guaranteed rights to invest across the Australian economy. The majority of UK investments will no longer need to be reviewed by the Australian Foreign Investment Review Board – saving time, saving money and cutting red tape for UK investors.

    2. Better business travel for British professionals

    Business travel is one of the biggest contributors to enabling more trade and investment. For the first time UK service suppliers including architects, scientists, researchers, lawyers and accountants will have access to visas to work in Australia without being subject to Australia’s changing skilled occupation list. This is more than Australia has ever offered any other country in a free trade agreement, and will improve long-term planning for British businesses.

    3. Tariff-free trade for all British exports

    The deal removes tariffs on all UK exports to Australia, making it cheaper to sell iconic products like cars, Scotch whisky and UK fashion to Australia. This will support industries that employ over 3.4 million people in the UK. Flexible rules of origin mean that UK businesses can use some imported parts and ingredients and still qualify for the new 0% tariffs when exporting to Australia.

    4. Easier for young Brits to travel and work in Australia

    As part of the overall mobility package, Brits aged 18 to 35 will be able to travel and work in Australia with a Working Holiday Maker Visa for up to 3 years, deepening the people-to-people and cultural links between our two countries. Young people will no longer have to work on a farm to use this visa to live and work in Australia.

    Australia will also pilot 2 new visa schemes for UK citizens, allowing early career workplace exchanges of up to one year for graduates between 21 and 45.

    5. Digital trade opportunities for a global tech superpower

    The deal provides more opportunities for UK firms to trade digitally with Australia, including in British tech, creative industries, finance, telecommunications, and many other sectors. It secures the free flow of data necessary for British businesses to provide many products and services to customers, while locking-in a legal requirement for personal data protection in both countries. The deal will save many firms from the cost of setting up servers in Australia, and it makes business easier through the use of electronic contracts and electronic signatures.

    Businesses will have confidence that their valuable intellectual property will be protected. The deal guarantees fair access for telecoms companies into Australia and forges greater cooperation on 5G and cybersecurity. The world’s first dedicated innovation chapter establishes a Strategic Innovation Dialogue which will drive the commercialisation of new technology and ensure the deal keeps up with technological developments.

    6. Lower prices for British shoppers and manufacturers

    The removal of UK tariffs on Australian favourites like Jacob’s Creek and Hardys wines, Tim Tams, swimwear, surfboards, and boots will boost choice for British consumers. UK manufacturers will benefit from cheaper access to important Australian machinery parts like hydraulic power engines and pressure-reducing valves which will allow them to be more competitive and grow their businesses.

    7. Slashing red tape for entrepreneurs and small businesses

    The deal cuts red tape currently faced by more than 13,000 SMEs across the UK who already export goods to Australia. Customs authorities will release all goods within 48 hours, if requirements have been met, with fast-track parcels and perishable goods like food being released within 6 hours. SMEs will benefit from dedicated websites for businesses and information to help them trade with Australia. Businesses from all sectors and regions will benefit from the use of modern digitised trading systems and digital documents, saving time and money.

    8. Access to billions of pounds worth of government contracts

    British companies will now be able to bid for Australian government contracts worth around £10 billion per year on an equal footing with Australian companies. It is the most substantial level of access Australia has ever granted in a free trade agreement. UK businesses will have the legally guaranteed opportunity to bid for contracts in major infrastructure projects like railway constructions and road upgrades, as well as for financial and business services procured by Australian government bodies covered by the deal.

    9. Stronger cooperation on shared challenges

    The UK and Australia are close allies with a shared belief in fairness, free enterprise, and the rule of law. This deal builds on our deep relationship, which has been strengthened by recent partnerships such as AUKUS and the Clean Tech Partnership.

    The deal will uphold high standards and foster collaboration on challenges like tackling climate change and unfair trading practices which undercut and harm our domestic industries. The deal creates new opportunities to grow the low-carbon economy, for example by cutting tariffs on UK exports of wind turbine blades and electric vehicles (previously 5%).

    10. A major step for UK trade in the Indo-Pacific

    Australia strongly supports UK membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which would open up 11 markets worth £8.4 trillion GDP for British exporters and investors. Australia itself is projected to be a top 10 global economy by 2050. Early access to trading opportunities in this region will secure superior access for UK exporters to these growing markets, with two thirds of global middle-class consumers expected to be in Asia by 2030.

  • PRESS RELEASE : Tim Reid appointed Chief Executive Officer of UK Export Finance [January 2023]

    PRESS RELEASE : Tim Reid appointed Chief Executive Officer of UK Export Finance [January 2023]

    The press release issued by the Department for International Trade on 9 January 2023.

    Tim Reid has been appointed CEO of UK Export Finance (UKEF), the UK government’s export credit agency, taking up the role on 1 January 2023.

    Tim was previously UKEF’s Director of Business Group and joined UKEF from HSBC in 2022, where he held senior positions around the world, focusing on connecting businesses with international opportunities. At HSBC, his most recent role was Global Head of Transaction Banking within the bank’s Global Banking division. Previously he managed businesses across Europe, the Americas, the Middle East, and North Africa.

    Secretary of State for International Trade, Kemi Badenoch said:

    “I’m pleased to welcome Tim to his new role as CEO of UKEF. Tim brings a wealth of experience and has a proven track record for helping businesses expand internationally. I look forward to working with him to deliver the government’s export strategy – helping businesses to grow, create jobs, and deliver the best of British innovation and quality around the world.”

    Tim Reid said:

    “It’s an honour to be appointed CEO of UK Export Finance. UKEF plays a vital role in helping UK businesses open the doors to international trade, and removing barriers to exporting through access to government-backed trade finance and insurance. With a strengthened commitment to sustainability and continued drive to support SMEs across the UK, I look forward to working with our talented team to deliver the government’s ambitions for export growth.

    Thank you to Samir Parkash for his leadership of the department in the interim.”

  • PRESS RELEASE : British exporters, innovators and business leaders recognised in 2023 New Year Honours [December 2022]

    PRESS RELEASE : British exporters, innovators and business leaders recognised in 2023 New Year Honours [December 2022]

    The press release issued by the Department for International Trade on 31 December 2022.

    Trade Secretary congratulates British exporters, innovators and business leaders from across the UK who have been recognised with Honours in 2023 New Year list.

    Trade Secretary Kemi Badenoch is today congratulating British business leaders, exporters and Department for International Trade staff who have been recognised with Honours for their exceptional service to international trade, investment and exporting.

    Those honoured represent a diverse range of businesses, from companies exporting technology that supports people with special educational needs and disabilities around the world to business leaders who have championed an array of sectors – from fintech to construction and maritime.

    Trade Secretary Kemi Badenoch said:

    Trade drives economic growth, creates jobs and supports businesses and communities up and down the country. Our fantastic exporters and dedicated trade officials are the ones who make that a reality and it’s brilliant to see them get the recognition they deserve.

    2023 is full of opportunities as we continue to take advantage of our newfound freedoms, unlock new markets and help businesses to sell their products all around the world.

    Exporters and business leaders recognised in the 2023 New Year Honours list include:

    CMG

    • Richard Graham MP, Prime Minister’s Trade Envoy to Indonesia, ASEAN economic community, Malaysia and Philippines, for services to trade and investment in South East Asia.

    OBE

    • John (‘Jack’) Gerard Averell Spencer Churchill, Co-founder and Executive Officer of Scanning Pens Ltd, for services to international trade and to the Dyslexia and Special Educational Needs and Disabilities community.
    • Toby Jonathan Sutton, Co-founder and Chief Operating Officer of Scanning Pens Limited, for services to international trade and to the Dyslexia and Special Educational Needs and Disabilities community.
    • Sharon Kaur Jandu, Founder and Director of Yorkshire Asian Business Association, for services to international trade.
    • Alison Lyons, for services to the Department for International Trade and people with disabilities.
    • Stephen Leonard Ingledew, Executive Chair at Fintech Scotland, for services to establishing Financial Technology sector in Scotland.

    MBE

    • Julianne Ponan, Owner of Creative Nature, an allergen free food brand, for services to business, exports and people with allergies.
    • Iain Mackinnon, former Secretary of the Maritime Skills Alliance, for services to education and skills in the maritime sector.
    • Thomas Richard Chant, Chief Executive Officer of the Society of Maritime Industries, for services to the maritime industry.
    • Robert Geoffrey Oliver, lately Chief Executive Officer for Construction Equipment Association, for services to UK manufacturing sector, construction and UK exports.
    • Paula Boast, Vice Chair of Bahrain British Business Forum, for services to UK-Bahrain business relations.

    Staff from the Department for International Trade (DIT) recognised in the 2023 New Year Honours list include:

    OBE

    • Neil Feinson, Deputy Director for Trade in Goods, DIT, for services to international trade and diversity and inclusion in the Civil Service
    • Ilaria Regondi, Country Director, France and Deputy Trade Commissioner Europe, DIT, for being strategic in several billion pounds worth of exports and investment projects and securing vital healthcare supplies from France during the pandemic.

    MBE

    • Dr Joanne Lawson, Deputy Head in Procurement and Intellectual Property, DIT, for services to trade, by leading the UK’s accession to the WTO Agreement on Government Procurement.
    • Dr Sian Thomas, Chief Data Officer, DIT, for services to international trade, investment and cross-government data standards

    In addition to recipients nominated by DIT, the following trade professionals have received honours:

    • Dr Linda Yi-Chuang Yueh, Fellow in Economics, St Edmund Hall, University of Oxford and Adjunct Professor of Economics, London Business School, and member of the Board of Trade, for services to economics
    • Lesley Batchelor OBE, Export Champion and Entrepreneur, for services to international trade
    • William Alan Beckett, Chairman, International Trade Forum. For services to Manufacturing and to exports
    • Helen Grant MP, Member of Parliament for Maidstone and the Weald and Trade Envoy to Nigeria, for political and public service
    • Dr Graham Harold Gudgin, for services to economic development in Northern Ireland

    Recognised Recipients

    Exporters and business leaders recognised in this list include co-founders John (‘Jack’) Churchill and Toby Sutton, both awarded an OBE for services to international trade and to people with special educational needs and disabilities.

    Over the last 20 years, Jack Churchill – who himself is dyslexic – and Toby Sutton, have built an assistive technology powerhouse at the heart of the dyslexia and special needs communities. Scanning Pens is an organisation that provides portable text-to-speech pen scanners which empower young and adult readers by giving them the tool to instantly access printed text anywhere. This assistive technology is now used daily by thousands of schools, workplaces and in prisons. The organisation has for many years been active both in the UK and in more than 100 countries. More than 50% of the company’s business is attributed to international trade, and it now has offices in the UK, USA, Canada, Australia and India.

    Jack Churchill and Toby Sutton, co-founders of Scanning Pens Ltd, said:

    To say we are honoured by this announcement is an understatement. When we first started this venture over 20 years ago, we saw the opportunity to establish a business that could help millions of individuals with their literacy needs. Looking back, it is fantastic to know that through our technology we have supported so many to succeed.

    The success of Scanning Pens has allowed us to establish a goodwill organisation, Succeed With Dyslexia, which has made a reality of our wish to spread awareness around dyslexia through positive stories within this often-forgotten community.

    Without the support of our families and the whole team, neither of us would be receiving an OBE today. We look forward to many years ahead as we drive our business forward, whilst at the same time helping even more individuals in their daily lives.

    Julianne Ponan – awarded an MBE for services to business, exports and people with allergies.

    Allergy campaigner and award-winning business woman Julianne Ponan received the honour for the work she has done to educate others about the risks, dangers and realities of living with allergies and anaphylaxis. This recognition is part of her ambition to run Creative Nature, a successful top 14 allergen free snack business in the competitive food and drink sector. Now in its 11th year, Creative Nature sells products online, through major retailers across the UK and exports to over 16 countries around the world. As an Export Champion for the Department for International Trade, Julianne helps other SMEs to explore exporting by sharing her skills and experience. Julianne is also an ambassador for the Anaphylaxis Campaign and MedicAlert where she raises awareness of medical jewellery to provide life-saving information to health professionals in an emergency.

    Julianne Ponan, Chief Executive Officer of Creative Nature, said:

    I am honoured and humbled to be recognised with the award of an MBE in the 2023 New Year’s Honours list. I’m so thrilled to be counted among so many who have been honoured for their positive work to make our lives and our society better.

    Living with allergies in our society is not easy. People like me can feel isolated, excluded and humiliated when we need to ensure that what we eat or drink is safe for us – and that can include what others eat or drink around us.

    My team and I create products that can be eaten safely, and I’m very passionate about that.

    Stephen Ingledew – awarded an OBE for services to establishing the Financial Technology Sector in Scotland.

    Spanning over four decades, Stephen’s career has enabled him to become an influential advocate to make the financial world more open, creative and inclusive through innovative initiatives and progressive ways of working. In 2018, he formed and led FinTech Scotland, which is recognised today as one of the top fintech cluster management organisations in the UK and Europe. FinTech Scotland published the ground breaking Research and Innovation Roadmap, and Stephen is one of the founders of the FinTech National Network which facilitates collaboration across all UK regional fintech clusters. He also sits on the UK Government’s Business Innovation Forum and Scottish Government’s Innovation Steering Group and is both Deputy Convenor of the University of Strathclyde Court and non-executive director of Smart Data Foundry.

    Stephen Ingledew, Chairman of FinTech Scotland, said:

    I am honoured to receive an OBE for services to financial technology. To be recognised for doing something I am passionate about is incredible and I’d like to take this opportunity to pay tribute to the many people who have provided valuable support to me.

    It is a huge privilege to be at the heart of financial innovation leveraging expertise across all UK regions to grow the economy, attract inward investment and develop export opportunities, all of which further reinforces the UK’s role as global fintech leader.

    Sharon Jandu – awarded an OBE for services to international trade.

    Sharon is an advocate for both her community and international trade. She has put Asian owned Yorkshire businesses on the global map by creating the Yorkshire Asian Business Association (YABA) in 2017, with the aim of educating and promoting Yorkshire based, Asian owned businesses at home and overseas. Due to her enthusiasm and experience, YABA has amassed over 3,500 corporate members which continues to grow. Sharon has driven joint trade opportunities between her membership and primarily the Indian Sub-continent, where she embraces the opportunity emerging from the UK’s free trade agreement with India. She continuously promotes Department for International Trade’s assistance, alongside collaborating on events to bring DIT to her membership’s attention.   She founded the charity Global Diversity Positive Action in 2015, after witnessing failures first hand as a Justice of the Peace.

    Sharon Jandu, Founder and Director of Yorkshire Asian Business Association, said:

    It’s an absolute honour and a privilege to receive such a prestigious award for my work educating and promoting Northern based and Asian owned businesses at home and overseas.

    I am grateful to the Department for International Trade for the recognition, and I am also really fortunate to be supported by an incredible team.

  • PRESS RELEASE : Aussies to toast tariff-free British G&Ts in 2023 under new trade deal [December 2022]

    PRESS RELEASE : Aussies to toast tariff-free British G&Ts in 2023 under new trade deal [December 2022]

    The press release issued by the Department for International Trade on 30 December 2022.

    • Gin and tonic producers including Brighton Gin and Fever-Tree celebrate removal of tariffs on exports to Australia as a result of the UK-Australia trade deal
    • Deal set to come into force next year, providing a boost for exporters ahead of the 2023 festive season
    • The food and drink sector contributes £120 billion to the UK economy and exports to Australia from the sector have more than doubled in the last decade

    UK gin and tonic producers are set to receive an export boost in 2023, with tariffs on all products going to Australia due to be removed under the UK-Australia free trade agreement (FTA).

    Brighton Gin and the UK’s leading premium mixer brand Fever-Tree consider Australia one of their core international markets. Both are set to become more competitive in the Australian market after the trade deal slashes tariffs on exports of gin and tonic water, currently set at 5%.

    The market for premium-and-above gin continues to flourish. In 2021, the UK exported £21.3 million of gin to Australia. According to Statista, the gin market in Australia is expected to grow by a further 6.37% annually over the next three years, demonstrating the potential of this market to UK exporters.

    The UK-Australia deal is the first new trade deal the UK has negotiated from scratch since leaving the European Union. It is expected to increase trade with Australia by 53%, boost the UK economy by £2.3 billion and add £900 million to household wages in the long run.

    The deal will see the reduction of tariffs on 100% of UK goods exports to zero. It will also ensure food and drink products exit customs quickly, so businesses can have certainty and ship with ease when exporting products to Australia.

    Trade Secretary Kemi Badenoch said:

    Aussies can look forward to enjoying tariff-free British gin and tonics, made by fantastic exporters like Brighton Gin and Fever-Tree, next Christmas and New Year.

    2023 is a landmark year for the UK-Australia relationship as our fantastic new trade deal comes into force, allowing UK businesses up and down the country to take advantage of the opportunities it presents.

    London-based Fever-Tree is the world’s leading premium mixer brand, exporting to over 85 countries and its tonic water is the number one premium mixer in Australia, having grown by over 50% in shops and online over the last year. The brand continues to grow four times faster than the wider tonic category in Australia.

    Head of Marketing for ANZ at Fever-Tree, Caroline Wood, said:

    As the UK’s leading soft drink exporter and no 1 premium mixer brand across the globe, it’s been fantastic to see our sector-leading position evolve and expand as far afield as Australia and New Zealand.

    We look forward to the opportunities presented by the new trade deal to introduce even more Australians to great-tasting G&Ts.

    Brighton Gin was the first gin company established on the south coast and the first craft gin to be certified 100% vegan. They have expanded into 10 new markets since 2020, however Australia is their largest market.

    The deal will benefit the nearly 2,600 businesses in the South East who already exported over £540 million worth of goods to Australia in 2020 and could boost the South East’s economy by around £295 million.

    Brighton Gin Managing Director Kathy Caton said:

    Australia has been on our export target list from our earliest days of selling overseas. Since falling in love with the country when travelling there in the 90s, it now boasts one of the world’s greatest food and drink scenes.

    We’re just at the beginning of our Aussie export journey, but we’re really looking forward to working with the DIT team to help us build our network and find the right wholesalers and distributors to work with. While in the UK it might be the dark days of Dry January and the month of staying in, it’s the height of summer in Australia and perfect weather for a BG&T or three on the beach.

    With a Brighton in every Australian state, my goal is to get Brighton Gin served and drunk in every one!

    Background:

    • UK-Australia trade was worth £14.4 billion in 2021.
    • In 2020, 15,300 UK VAT registered businesses, which employ 3.4 million people, exported goods to Australia.
    • Combined, Fever-Tree and Brighton Gin support around 200 jobs in the UK
    • Statista is the market leader in the provision of reliable business data, specialising in market and consumer data spanning 170 industries and over 150 countries
    • Craft gains ground in Australian drinks market – IWSR Drinks Market Analysis