Trade Facilitation Commission Launches Initiative to Boost UK Exports and Foster Economic Growth

New Commission set up to help UK traders access international markets
LONDON - April 24, 2024 - PRLog -- Some 30,000 UK companies who exported goods in 2021 do not do so today. The Trade Facilitation Commission (TFC) has been established to bolster UK small and medium-sized enterprise (SME) global trade activity, addressing the current challenges where less than 10% of UK SMEs engage in goods exports, a third of GB importers are unsure of their customs duty payments and nearly half have experienced delays at the port.

Despite the potential for growth through international trade and mutual recognition agreements many UK SMEs face barriers ranging from complex regulations to limited resources, hindering their ability to engage in global trade activities effectively.

"The Trade Facilitation Commission is dedicated to unlocking the potential of UK SMEs in the global market," said Lord Agnew, Chairman of the TFC.

Robert Hardy co vice-Chairman added "Our initiatives aim to remove barriers, provide support, and equip SMEs with the tools and resources they need to succeed in international trade."

Through a comprehensive approach, the TFC plans to implement various measures to facilitate trade and support SMEs, including:
  • Simplifying trade procedures and reducing bureaucratic hurdles to make global trade more accessible and efficient for SMEs.
  • Providing tailored assistance and guidance to SMEs, including access to market intelligence, trade finance, and trade training programs.
  • Strengthening partnerships with key stakeholders, including government agencies, industry associations, and trade promotion organisations, to coordinate efforts and maximise impact.
  • Leveraging technology to digitise trade processes, improve transparency, and enhance the competitiveness of UK SMEs in the global market.

"By fostering an environment conducive to trade, we not only empower businesses but also drive economic growth and prosperity for the nation as a whole," said Shanker Singham, co vice-Chairman of TFC.

The launch of these initiatives underscores the TFC's commitment to fostering a supportive environment for trade and driving inclusive economic growth. By empowering UK SMEs to expand their presence in global markets, the Commission aims to unlock new opportunities, drive innovation, and propel the nation towards greater prosperity.

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Tracey Palethorpe
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