Business and Trade Secretary shatters international trade barriers worth £2.2bn to UK businesses
Kemi Badenoch, Business and Trade Secretary, has broken down £2.2 billion worth of trade barriers for UK businesses during her first 200 days in the position, over £11 million each day.
Badenoch recently outlined removing international trade barriers as one of her top five priorities, committing to knocking down 100 blockers holding back UK businesses.
So far, Badenoch has successfully facilitated access to financial products in Mauritius and supported the development of the local financial market, relaxed the foreign ownership cap in the Philippines, and allowed certification companies to access the Brazilian market, among many others.
Khalid Talukder, co-founder of DKK Partners, commented: “International trade is a hugely important driver in the UK economy given the current economic climate and it is fantastic to see the commitment from the Business and Trade Secretary to shattering these barriers to promote international collaboration. Trading internationally is a significant revenue stream for the UK PLC and unlocking this avenue for a larger proportion of businesses can support growth plans laid out in the Spring Budget.”
“All too often, UK businesses, particularly start-ups and SMEs who form the backbone of the business economy, have been met by red tape when it comes to trade, hindering relationships, opportunities and ultimately growth. Opening up frontier markets by lifting restrictions can support all sectors to further collaborate with international partners in the buying and selling of goods and services.”
“International payments have long been one of the primary obstacles for businesses, lacking access to agile FX solutions which enable fast, seamless trading in overseas markets. Empowering businesses with access to new frontiers requires support from FX liquidity partners to facilitate this trade and turbocharge business growth” Talukder added.
Badenoch has also taken a targeted approach to remove barriers to British exports and investment with the goal of injecting further billions into the UK economy through closer trading relationships with fast-growing economies.
Business and Trade Secretary Kemi Badenoch said: “I have made it a priority to knock down the barriers holding back British businesses and that prevent them from selling more of their goods and services around the world, creating new jobs, and paying higher wages.”
“As an independent trading nation Britain can now get to grips with these blockages. So I’m very proud that since becoming Trade Secretary we’ve been able to unlock billions for the UK economy, and I look forward to smashing even more barriers to ensure our businesses thrive.”
