The International Trade Committee today launches two
inquiries, examining the work of UK Export Finance, and the
Government’s trade remedies policy.
UK Export Finance
UK Export Finance (UKEF) is the UK’s official export credit
agency, tasked with ensuring that “no viable UK export fails for
lack of finance or insurance from the private sector, while
operating at no net cost to the taxpayer.”
UKEF recently published its 2020-24 business
plan, and during the COVID-19 pandemic has
supported exporters by temporarily extending its Export Insurance
Policy, with further support measures for businesses to be
launched over the coming months.
The
Committee’s inquiry will examine UKEF’s operations and its
engagement with stakeholders, and is now open for submissions on
some, or all, of the following questions until 5.00 pm on Friday,
25 September.
Operation
-
How comprehensive is UKEF’s product offering - and how
attractive are particular products when compared with private
sector options?
-
How suitable is UKEF’s process for assessing applications
for support?
-
Do particular sectors, types of projects, or projects
involving certain export destinations receive more UKEF support
than others?
-
Are UKEF’s performance targets suitable? Is UKEF’s
current financial allocation from HM Treasury and risk appetite
appropriate to allow it to meet these targets?
-
How can UKEF continue to support economic recovery from
the COVID-19 pandemic?
Engagement
-
How user-friendly are UKEF products for its range of
customers, including small and medium enterprises? How well
does UKEF communicate its offering to new and existing
customers?
-
How does UKEF engage with DIT, the British Business Bank
and private sector partners to ensure the requirements of
businesses exporting overseas are met?
-
To what extent does UKEF draw on external expertise and
knowledge in the design and review of its products?
-
What could UKEF learn from other successful export credit
agencies around the world?
UK trade remedies policy
Trade remedies, or trade defence, describes the use of
policies to restrict imports where a country believes they are
unfairly damaging domestic producers, through dumping, subsidies
or unforeseen surges in supply.
Trade defence measures generally take the form of
temporary, targeted tariffs, and after the end of the post-Brexit
transition period, the UK will be responsible for its own
independent trade remedies policy. The Trade Bill contains
provisions for the creation of a non-departmental public body,
the Trade Remedies Authority, with a temporary
directorate within the Department for
International Trade currently in place pending the Trade Bill
becoming law.
The
Committee’s inquiry into UK Trade Remedies Policy welcomes
submissions on some, or all, of the following points by 5pm on
Friday 18 September:
-
How will the Trade Remedies Authority (TRA) and the
Secretary of State for International Trade work together in
carrying out their respective roles?
-
What will be the role of Parliament in scrutinising the
operation of the TRA?
-
How will the TRA ensure that the full range of relevant
stakeholder views and interests is taken into account when
advising the Secretary of State?
-
How adequate are the TRA’s powers and resources
(including the number of its staff and their level of skill and
expertise)?
-
What is the timetable for the review of transitioned EU
Trade Defence Measures (TDMs); what methodology is being used;
and how do transitioned TDMs and the review process stand in
relation to World Trade Organization law?
-
What will be the TRA’s process for conducting new trade
remedies investigations?
-
What will be the arrangements for the use and
implementation of TDMs (including mechanisms for appealing
against them)?
-
How will the trade remedies regime interact with the
Northern Ireland Protocol of the EU Withdrawal
Agreement?
