Department of International Trade Updates

Keep informed with the latest updates from the Department for International Trade (DIT)

Every month new information on international trade and investment becomes available, so keep checking in for more.

Partners Update March 2021

You may have noticed that UKEF recently launched the Standard Buyer Loan Guarantee which covers a loan to an overseas buyer to finance the purchase of capital goods, services and/or intangibles from a UK supplier.

The Export Academy currently supports businesses in the North of England, Midlands, and the South West with up to £500,000 turnover with expert advice to grow internationally.

We have produced an Export Academy Partner and Stakeholder Toolkit for Partners to use in support of any promotional activity on the Export Academy programme.

Top Takeaways

Round 4 of our negotiations with Australia have concluded positively

Agreement reached with US to suspend trade tariffs for the next 4 months

Launched Global Britain, Local Jobs report with the Board of Trade. Access the report here

Budget 2021

  • New Economic Decision-Making Campus will be based in Darlington. This will increase DIT’s presence in the north of England and bring staff closer to the communities and businesses we serve.
  • As part of Government's objective of attracting highly skilled, globally mobile talent, DIT received a £1 million increase in funding for 2021-22 for the Global Entrepreneurship Programme.
  • The Chancellor’s Plan for Growth captures DIT programmes and support for business, including our Free Trade Agreement Programme, our work at the World Trade Organisation (WTO) and G7, the Office for Investment, and the importance of trade and investment led recovery.
  • The Plan for Growth sets out how UKEF’s new lending capacity and products will help large and small exporters achieve international success.
  • The first 8 Freeport locations in England have been announced. Freeports will attract new business, spread jobs, investment and opportunity to towns and cities across the country.
  • A full rundown of the things you need to know about the Budget can be found here.

UK’s Largest Virtual Trade Mission

  • Minister Stuart launched the UK’s largest ever virtual trade mission on 2 March.

Additional information about the UK-Japan FTA Implementation Campaign – Spring Mission is below – please feel free to share this with your clients.

Wider business support

These resources and tools are available to help businesses navigate our new trading environment:

Championing Trade - upcoming events

A full calendar of DIT and global trade events can be found here.

BCC says ONS GDP figures offer some hope for the future

BCC says data for February 2021 shows modest growth and a further boost is likely as economy reopens but warns that continued improvement is not guaranteed.

Helping the UK hit net zero emissions by 2050

Businesses across the UK are looking at how they can reduce their carbon footprint and bring their overall emissions as close to zero as possible, to help the UK hit its legally binding target of net zero emissions by 2050. But for some industries, this presents a far greater challenge than others. Find out more about how Drax can help.

Four in Ten UK Exporters Reporting Decreased Sales in Q1 2021

The British Chambers of Commerce’s Trade Confidence Outlook for Q1, released today, has revealed the stark issues facing UK exporters in the first months of this year. The survey of more than 2,900 UK exporters revealed that the percentage of firms reporting decreased export sales had increased to 41%, up from 38% in the previous quarter. The percentage of businesses reporting increased export sales fell to 20%, down from 22% in Q4 2020. 40% reported no change in their export sales.

BCC Welcomes Global Travel Framework But Warns Questions Remain

 Responding to the publication of the Global Travel Taskforce Framework for International Travel, British Chambers of Commerce Director of Policy James Martin said: “The sector has been hard hit in the last year, with prolonged uncertainty about when the full resumption of travel will be possible. This framework provides some welcome clarity however much uncertainty remains around what countries will be on the green list come May 17th.