PROSPER MAGAZINE: DIGITAL EDITION
FUTURE TRADE STRATEGY FOR UK TECH INDUSTRY LAUNCHED
New measures to boost digital trade and help turn the UK into a global tech powerhouse have been announced, answering industry calls for support for UK tech firms.
Liz Truss, International Trade Secretary at Department for International Trade (DIT) has unveiled a package to support UK tech companies to seize trade and investment opportunities overseas.
Developed in partnership with stakeholders across the industry, the interventions will boost the sector over the long-term and aid its immediate recovery from Coronavirus.
The new measures jointly announced by the Department for International Trade and Department for Digital, Culture, Media and Sport, will seek to increase tech exports to fast-growing international markets, including Asia-Pacific, strengthen scaleups’ market readiness to export, and attract investment to drive innovation and create jobs.
The comprehensive range of measures includes the creation of a new Digital Trade Network for Asia-Pacific, which will support UK SMEs to break into the Asian market.
The plans also include the launch of a new Tech Exporting Academy, which will provide expert advice to UK scaleups on subject areas essential to expansion, including regulation, intellectual property, and compliance.
The Academy will be led and delivered in partnership with leading professional services firms.
The measures have been announced as part of a wider programme of support for UK tech to ensure the industry benefits from trade opportunities, including future free trade agreements (FTAs).
The UK is currently a world-leader in tech and digital, attracting more than £10bn worth of investment in 2019, ranking third only behind the US and China.
Future FTAs with partners like the US and Japan will enable the UK to go further, setting new standards in areas of digital technology and e-commerce, and encouraging further investment into the UK’s world-leading tech companies.
The Department for International Trade has recently launched the first round of negotiations with Japan. Government analysis shows a UK-Japan FTA will benefit every region and nation of the UK, with the greatest benefits in Scotland, London and the East Midlands.
Trade talks will cover all areas set out in the UK’s published negotiating objectives, including cutting edge provisions on digital trade, professional and financial services and support for SMEs
A number of digital tech subsectors are seeing increased demand as a result of Coronavirus – including EdTech, MedTech, fintech, and cybersecurity – leading to more export opportunities.
Recent research by Sage UK shows 37% of UK SMEs are looking to grow their trade in international markets over the next 3 months.
International Trade Secretary Liz Truss said, “The measures we have announced today will help businesses take advantage of opportunities in fast-growing markets overseas, and provide the support that firms need to grow and eventually ‘go global’.”