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New UKEF finance for UK SMEs | ASEAN at 50 | Future trade policy

 
UK Export Finance raises support for SME trade
 
On Monday UK Export Finance (UKEF), the UK’s export credit agency, launched a new partnership with five major high street banks to allow small businesses to access millions of pounds in government-backed trade finance.
 
UKEF will provide guarantees to banks to help businesses access bank finance where deals may be considered too risky for the banks to take on alone – the hope is that the support will open up emerging markets to more UK suppliers.
 
International Trade Secretary, Dr Liam Fox, said: “Small businesses are the backbone of our economy, and giving them the support they need to seize international trading opportunities is a priority for the Department for International Trade as an international economic department.”
 
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UK trade and investment in ASEAN
 
Last week the Association of South East Asian Nations celebrated its 50th anniversary and hosted an event to highlight business opportunities in the area in celebration. International Trade Secretary, Dr Liam Fox, opened the ASEAN@50 Business Forum and upheld the strong trade links between the region and the UK.
 
ASEAN formed 50 years ago as a political association between Indonesia, Malaysia, the Philippines, Singapore and Thailand, and now also includes Brunei, Cambodia, Laos, Myanmar and Vietnam.
 
15 per cent of all ASEAN’s EU trade in goods and services is with the UK, and exports have risen rapidly to the region in recent years, especially in Singapore and Indonesia.
 
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Preparing for our future UK trade policy
 
Following last week’s Brexit talks in Brussels, the Department for International Trade released a white paper that ‘explores our emerging approach to establishing an independent international trade policy as we exit the EU.’
 
With a long and proud history as a great trading nation, the UK is a champion of free trade. The government outlines in this paper that ‘we want to maximise our trade opportunities globally – both by boosting our trading relationships with old friends and new allies.’
 
READ THE PAPER
 

Thursday 19 October 2017

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