Parliament’s Business and Trade Committee is to open an inquiry that will study how the UK can improve the export of goods and services to stimulate economic growth.
This is in the context of the Government’s strategy, launched 18 months ago, to help UK businesses “Race to a Trillion” and achieve a target of £1 trillion of UK exports per year by 2030.
MPs on the cross-party Business and Trade Committee will consider whether the UK is on track to reach this goal and how effective the Government’s strategy is in helping UK exporters to sell abroad. They will also look at the broader issue of how the UK can leverage its advantages to embed itself in the supply chains of key economic partners.
Business and Trade Committee Chairman Darren Jones said: “Exports are a key driver of economic growth but only 10% of UK businesses sell their goods and services to non-UK customers. The UK has dropped from the 5th largest exporter in the world to 7th and more needs to be done to prevent further decline.”
Terms of reference
Until 11.59pm on 7 July, the Business and Trade Committee is accepting evidence submissions on a range of issues, including the following. Evidence can be submitted HERE.
- Are Free Trade Agreements with countries fit for the future?
- How achievable is the Government’s “Race to a trillion” target for reaching £1 trillion worth of exports per year by 2030 — and is the UK on track to achieve it?
- What can the Government do to promote and facilitate UK exporters’ involvement in critical international supply chains? What opportunities are there for the UK to become a key supply chain partner to the United States, EU and other democratic allies?
- What are the new or growing opportunities for exports which can drive UK economic growth?
- What do UK businesses need to increase exports?
- How does the UK compare to other countries in their support for exports?
