With sectors such as clean energy and life sciences set to benefit, Trade Secretary Jonathan Reynolds has introduced a £2.3 million Regulatory Partnership for Growth Fund which is intended to help to unlock export opportunities worth nearly £5 billion for UK companies over five years.
The Fund will address trade barriers worth £300 million in its first year with the UK’s pharmaceutical industry finding it easier to sell innovative medicines in huge markets around the world thanks to cuts in red tape.
It will be used to aid the resolution of 36 barriers in scope with an aggregate valuation of around £5 billion over five years. The aggregate figure of around £300 million over five years is for a sample of six barriers only.
Speaking on a three-day visit to Brazil, Mr Reynolds said: “This multi-million-pound fund will unleash the potential of some of the most prominent sectors in the UK and, through our excellent regulators, businesses will find it easier to sell their world class goods and services to Brazil and other partners around the world, as we continue to build momentum ahead of our new Industrial Strategy.”
The aim is to help UK regulators in their work with international partners to remove trade barriers and shape markets in various growing sectors.
For example, UK regulators and expert bodies will work closely with Brazil’s Ministry of Health in sharing best practice around evaluating cancer drugs, supporting them to improve their nation’s health while making it easier for the industry to access Brazil’s pharmaceutical market.
In the professional services sector, the Law Society will build closer relationships with other countries to reduce requirements placed on UK lawyers when they wish to practice overseas, including in some US states where they have faced onerous requirements.
