To help drive the UK’s recovery, from the any economic downturn, the Department for International Trade (DIT) emailed 160,000 exporters across the country this week to outline the support measures available to them.
As well as advice on what financial support is available to manage the impacts of coronavirus, the DIT outlined its capacity to provide assistance with customs authorities to ensure smooth clearance of businesses’ products, and to offer advice on intellectual property and other issues with business continuity.
The message follows the news that UK businesses will now be eligible to secure export insurance cover to markets including the EU, US, Japan, Australia, New Zealand, Canada, Iceland, Norway and Switzerland with immediate effect, following UK Export Finance expanding the scope of its Export Insurance Policy (EXIP). Exports from the UK to these markets totalled £499 billion last year, accounting for 74% of all international sales from the UK.
BIFA Director General, Robert Keen says: “We understand that UK businesses are now eligible to secure export insurance cover to major international markets, in addition to export finance, to keep trading during the coronavirus outbreak.
“We also understand that DIT is ready to provide assistance with customs authorities to ensure smooth clearance of businesses’ products, and to offer advice on intellectual property and other issues with business continuity.
“These are the sort of initiatives that can support international exports and are welcome news for the logistics services that underpin much of Britain’s visible domestic and international trade.”
The news comes after the government announced it will waive import taxes on medical equipment crucial to the fight against coronavirus, including ventilators, coronavirus testing kits and protective clothing.
The Department for International Trade’s 170 International Trade Advisers are already reaching out to businesses across the country to provide advice on keeping trade flowing.