14 hours ago
- Business
- South Wales Argus
New UK trade strategy 'important step forward' for Wales
The plan sets out a post-Brexit vision to position the UK as the world's most connected trading nation and create £5 billion worth of export opportunities for businesses.
Jo Stevens, secretary of state for Wales, 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 European Union, United States and India in recent trade deals and this builds on the progress made.
"We are focusing on targeted sector deals which will deliver results quickly that help Welsh businesses of all sizes reach new markets with greater confidence.
"This approach ensures that innovation and economic growth reach all parts of Wales, delivering on our Plan for Change commitment to raise living standards throughout every part of the UK."
The strategy includes expanding UK Export Finance (UKEF) capacity to £80 billion and introduces a Small Exports Builder to improve access to export protection insurance for smaller firms.
It also pledges to strengthen the UK's trade defence toolkit and make the trade remedies system more agile and assertive.
The strategy follows recent trade agreements with the EU, US, and India, all of which offer new opportunities for Welsh exporters.
The EU deal is expected to benefit Wales' food and drink sector in particular, with improved access for Welsh sausages and lamb mince, and fewer barriers for pet owners travelling to the continent.
The US agreement protects jobs in key industries across Wales, including aerospace manufacturing.
The Indian deal is projected to add £4.8 billion to the UK economy and increase wages by £2.2 billion each year.
The UK Government said it is working with industry to shape future steel trade measures that will protect UK producers after the current safeguard expires in June 2026.
Meanwhile, up to £13 billion in direct lending will be made available to support exports from key industrial sectors.
The strategy forms part of the UK Government's wider Plan for Change and aims to deliver stronger, more sustainable economic growth by boosting international trade.
