Board of Trade meet to help UK exporters take advantage of new trade deals
Revamped Board of Trade meet for the first time off the back of trio of trade agreements with India, US and EU
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New Board of Trade to meet for the first time to boost exports and grow the economy
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Comes hot off the heels of three trade agreements in three weeks with US, India and the EU all aimed at supercharging UK exporters
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Delivering on Plan for Change to fire up small business exporters and grow the economy
As part of the Government’s plan to boost small business exporters, the newly revamped Board of Trade will meet for the first time today, just weeks after the UK signed two landmark deals with India and the US and a new EU agreement which will boost exports of food and drinks.
Led by Business and Trade Secretary Jonathan Reynolds, the Board is poised to become a cornerstone of the Government’s Growth Mission, Plan for Change and the wider modern Industrial Strategy to support British businesses to thrive and grow.
The Board meet fresh off the back of the third major trade agreement in as many weeks, ensuring the UK is facing out into the world again to boost business, support workers and grow the economy.
This week’s deal with the EU means a new SPS agreement will make it easier for food and drink to exported by reducing the red tape that placed burdens on businesses and led to lengthy lorry queues at the border.
The new deal with India is expected to be a shot in the arm to the UK’s exports of whiskies and gin, cosmetics, medical devices, advanced machinery and lamb and is expected to increase bilateral trade by £25.5 billion.
Trading with India will be quicker, cheaper, and easier thanks to improved customs processes and by promoting digital systems, which will be particularly important for SMEs who may have otherwise been unable to break into the Indian market.
Meanwhile the groundbreaking US deal is expected to help grow on the existing £196 billion in annual exports from the UK, with tariffs slashed on the likes of cars and steel.
Bringing together a powerhouse of business expertise to drive economic growth – the Board are tasked with supercharging UK exports, delivering targeted support for small businesses across the nation and helping firms utilise the exporting opportunities from the UK’s FTAs.
The high-profile advisory body includes business leaders like Apprentice star Mike Soutar, BT Group Chief Executive Allison Kirkby, and Small Business Britain founder Michelle Ovens CBE, who will serve as ambassadors and advocates for British businesses.
The meeting comes on the heels of historic trade breakthroughs with both India and the United States, which are set to deliver billions in economic benefits for British businesses and workers.
Business and Trade Secretary Jonathan Reynolds said:
“Today marks the beginning of a new chapter for British trade. This Board isn’t just a talking shop – it’s a hands-on, dynamic force that will help businesses of every size access global markets and seize the opportunities created by our landmark trade deals.
“We’ve already secured the best deal India has ever agreed to, and our US agreement has slashed tariffs for our steel and automotive sectors, protecting hundreds of thousands of British jobs.
“As part of our Plan for Change, we’re focusing that same determination on helping our small businesses – the beating heart of our economy – to trade more and grow more, supporting good jobs and higher wages across all parts of the UK.”
The Board will advise on the delivery of the forthcoming Trade Strategy and Small Business Strategy, ensuring both align with the Government’s commitment to nationwide economic growth that raises living standards in every region and nation.
It comes after the UK and India agreed a landmark trade deal worth £4.8 billion to the UK economy and £2.2 billion to wages every year and slashed tariffs across the board including on whisky, cosmetics, and medical devices.
It comes also hot on the heels of the historic deal signed with the US, protecting jobs in the automotive, steel, aluminium, pharmaceutical and aerospace sectors - sectors that employ over 320,000 people across the UK.
In addition, an estimated 260,000 jobs are supported by the auto industry in the wider economy and British farmers now have a major opportunity to sell their high-quality beef to a market of over 300 million people, helping farmers grow their businesses.
The agreement laid the groundwork for greater trade in the future as we continue talks for a wider deal which will look to increase digital trade, better access for our world-leading services industries and improve supply chains.
The first meeting of the Board comes as part of a wider series of measures to boost the number of high-growth SMEs across the country.
The Government has already announced that it will launch a major consultation to tackle the scourge of late payments, while the Budget protected a million small firms from National Insurance increases, extended business rates relief and announced a new Business Growth Service to make it easier and quicker for SMEs to access and benefit from the right government advice and support for their business.
Board of Trade Advisers
Omar Ali, Board of Trade Adviser and Global Financial Services Leader at EY, said:
“Global trade is fiercely competitive, and UK businesses that sell products and services to the world – especially small, entrepreneurial firms – must be supported as they contribute to the international market. Whether it’s UK financial services firms enabling better access to finance or improving digital infrastructure that protects trade, in today’s challenging economic climate, policies and action that enhance productivity and remove friction for SMEs are essential to boost exports and drive growth.”
Catherine McGuinness CBE, a leading voice for financial and professional business services, said:
“This is an auspicious time to meet, following the India and US trade agreements and the EU reset. I look forward to working with the Secretary of State and my fellow advisers to encourage the government to use trade levers to drive growth and help businesses to prosper across the UK.”
Michelle Ovens CBE, Founder, Small Business Britain, said:
“I am excited to work with the Board of Trade as it accelerates its vital work to boost exports and grow the economy. It is encouraging to see new deals struck in recent weeks and a real boost to energy and ambition. Almost all businesses in the UK are small businesses, and they have a major impact on the economy, employing millions and creating and supporting communities. I am really honoured to contribute to this mission and look forward to working together with all the Board Advisors and entrepreneurs themselves to show the world what the UK’s small business community has to offer.”
Business reaction to the recent trade agreements:
Bill Winters CBE, Group Chief Executive of Standard Chartered and Co-Chair of the UK-India Financial Partnership, said:
“The UK-India Free Trade Agreement is a significant achievement. It will create new opportunities for UK and Indian businesses, enable greater access to one of the world’s largest and most dynamic markets, and drive growth and innovation across the UK-India corridor. We welcome this strong commitment to partnership and prosperity.”
Shevaun Haviland, Director General of the BCC, said:
“The US deal was met with a huge sigh of relief by many British businesses. The reduction in the 25% tariffs on most of our automotive exports and the removal of levies on steel and aluminium were the biggest wins.
“These sectors had been left reeling as jobs, investment and sales were all cut or put on hold. The framework agreement will give them some much needed certainty. They will be keen to see it quickly enacted so they can swiftly re-establish orders and supply chains.
“With the India trade deal and the UK-EU Summit agreement also being recently agreed, the government should be congratulated on its recent achievements, but our economy still needs more. Global trading conditions remain precarious. Government must continue to pursue a bold trade agenda and help UK companies seize the opportunities in the fast-growing Indo-Pacific region.”
On the UK-India FTA, Karen Betts, Chief Executive, The Food and Drink Federation, said:
“We’re delighted the government has finalised its new Free Trade Agreement with India, which is testament to the hard work of the negotiating team. This is very welcome news for UK food and drink manufacturers, particularly for soft drinks, chocolates, biscuits, crispbreads and crackers, which will now all benefit from tariff-free access to one of the fastest growing markets in the world. The UK exported nearly £300m worth of food and drink to India in 2024, so this FTA represents a significant opportunity for British food and soft drinks.
“The FTA will also provide UK manufacturers with greater access to ingredients produced in India, strengthening the supply chain resilience and competitiveness for our sector. We look forward to working with government to ensure that the full benefits of the agreement are realised across a wide range of UK food and drink manufacturers.”
On the US deal, Karen Betts, Chief Executive, The Food and Drink Federation (FDF), said:
“This is very positive news for the UK economy, and to be welcomed. There is obviously still the question of the 10% tariff that continues to apply to food and drink exports. We hope that this deal creates the space and momentum for continued discussions about removing those tariffs too.
“The US is UK food and drink’s third biggest export market, with £2.7bn worth of goods exported there in 2024, many of which are produced by small and medium sized businesses. Government can make a real difference here by providing greater practical guidance and support to help more food and drink businesses find new customers abroad.”