Guidance on how to help secure export finance to keep trading during the coronavirus outbreak has been set out by the UK Government in direct communication to 160,000 exporters and investors.
As well as advice on what financial support is available for companies to manage the impacts of coronavirus, the Department for Internati0nal Trade (DIT) will 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.
Jo Price, Director of International, South and Mid Wales Chambers, said:
We welcome the news that UK export finance is extending the countries where exporters can gain insurance. We know that these are tough times and the UK Government’s offer to increase support is helpful for export confidence.
Welsh businesses continue to look for markets across the world, especially because some of their regular markets are currently offering reduced business opportunities where they are affected by the virus.
It is important, during this volatile business trading period, that exporters in Wales and across the UK, are enabled to continue confidently trading internationally, because these are the very businesses who will be vital to our economic recovery.
International Trade Secretary, Liz Truss, said:
During this turbulent time, we are taking every step we can to ensure UK exporters are protected and that the economy remains strong. As part of this, the UK Government has emailed 160,000 exporters and investors across the country to outline the support measures available to them.
The government’s network of trade, policy and business specialists across the UK and around the world will continue to provide support where it is most needed, to ensure the country can continue trading during this difficult time.
This 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 removal of the tariffs, which can be up to 12 per cent on the price of these goods, will mean more vital supplies will flow into the UK to help the brave frontline workers treating patients with coronavirus.
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. DIT is also working closely with trade bodies and business organisations to support the government’s business campaign. To find an ITA in your area, visit: https://www.great.gov.uk/contact/office-finder/
Businesses are being encouraged to:
- Visit the Business Support website for more information about measures and support available to their business.
- Pay particular attention to the guidance for employees, employers and businesses which is being updated regularly with the latest advice.
- Read the guidance for UK businesses trading internationally.
- Take steps to protect themselves and others.