Trade strategy 'prize is huge', says BCC

31 Jan 2025

If the government gets its trade strategy right the 'prize is huge', the British Chambers of Commerce (BCC) has said.

A recent survey found that 26% of SME exporters saw overseas sales decline during 2024.

It said SME exporters are also facing an inflation crunch from a raft of cost pressures, coming particularly from employment and tax cost rises, putting further stress on many. 

The BCC's Trade Strategy Manifesto has outlined 29 recommendations across six areas – economic diplomacy, imports and supply chains, trade agreements, green trade, digital trade and export support.

William Bain, Head of Trade Policy at the BCC, said: 'If we get the trade strategy right then it could herald a new era of government and business co-operation, leading to stronger exports and higher economic growth. 

'The prize is huge, but the pitfalls are many and we will need smart and agile action by politicians, businesspeople and policymakers. 

'That means focusing on the fundamentals. We are already the second largest exporter of services in the world, these cannot be hit by tariffs, so we must lean into that natural advantage. 

'We also need to leverage our skills in economic diplomacy; to build secure supply chains, expand digital trade, influence the debate on tariffs and form new partnerships to build consensus. 

'Support for our SME exporters and encouragement to help them start selling overseas must also be put on rocket boosters.'