The Business and Trade Committee has published the terms of
reference for an inquiry that will study how the UK can improve
the export of goods and services to stimulate economic growth.
The Committee’s export-led growth inquiry comes 18 months after
the Government launched a strategy to help UK businesses
“Race to a
Trillion” – achieving a target of £1 trillion of UK exports
per year by 2030.
MPs on the cross-party 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.
Committee Chair 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.”
“Global trade is also changing quickly with a realignment
of international supply chains taking place. It’s
crucial that the UK integrates into these new global trading
routes for our future economic security.”
“Our inquiry will consider all of these issues and identify
the most important strategic opportunities in front of us.”
Terms of reference
The Committee is accepting evidence submissions on any of the
questions below, through the inquiry evidence submission
page, until 11.59pm on Friday 7 July:
- What are the new or growing
opportunities for exports which can drive UK economic growth? How
can these be exploited?
- What do UK businesses need to
increase exports? How does the UK compare to other countries in
their support for exports?
- Are Free Trade Agreements with
countries fit for the future? How will technology, such as 3D
printing or lab-grown foods, change the trade flows in the
near-to-medium term 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?
- How adequate is the Government’s
12-point Export Strategy, Made in the UK, sold
to the World (2021)?
- 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,
European Union and other democratic allies? What needs to be done
to secure those partnerships?
