An SME Export Taskforce was formed to tackle the low percentage of small firms—currently only 10%—engaged in international trade. The taskforce identified several obstacles hindering SMEs from trading globally: complex regulations, unclear government support, and insufficient advisory resources for those already exporting.
The new report outlines five key priorities to address these issues. Firstly, it calls for prioritizing international trade across all government departments. Secondly, it emphasizes fostering a more transparent relationship between businesses and the government. Thirdly, it aims to position the UK as a leader in digital trade. Fourthly, it advocates providing immediate support to SMEs venturing into international markets. Lastly, it focuses on addressing the financial barriers that prevent SMEs from exporting.
The policy chair for the taskforce emphasized the importance of exports for sustainable economic growth. “Our economy has demonstrated resilience over recent years, but to ensure long-term growth, we must focus on exports,” she stated. “International trade is a powerful growth strategy for small firms, enabling them to access new markets and diversify revenue streams.”
She pointed out that exporting businesses tend to grow faster and withstand domestic economic challenges better. However, the current landscape sees only a small fraction of SMEs taking advantage of these opportunities. The taskforce’s roadmap addresses several barriers, including a convoluted regulatory environment, complicated government support systems, and sporadic exporting efforts.
She expressed optimism that with appropriate policies, local economies across the UK could significantly benefit. “We need to simplify the process and empower our small business community to trade globally with ease. This report aims to lay the groundwork for policies that will enhance the SME exporting environment,” she concluded.
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