Questions……. Questions…… lots of them!  Many listed here. Answers are harder to come by – reflecting their comparative complexity, interactivity and continuously changing nature.  But the good news is we can tell you where to go and who to ask.

Please see the Executive Summary

When you listen to Susan Caldwell on the Zoom recording, below are some of the points you should look out for.

Following this are also some other points that arose at and after the Event on 8.7.20.

  • To remind you – DIT urge businesses to visit www.great.gov.uk to access information on export markets, business opportunities, online marketplaces and how to connect with your local trade team and International Trade Advisers. They can connect you to overseas colleagues of DIT.
  • Services are the predominant driver of the UK economy, contributing 80% of GDP in 2019 and employing over 26 million people.
  • There is a demand for UK services around the world.
  • In 2019 the top 5 markets the UK exported services to were – USA (£80.2bn), Germany, Netherlands, France, Ireland. There are active DIT teams in all these and other overseas markets able to support you.
  • Sectors where the UK does well in are – Insurance, Financial, and other business services. These make up nearly 60% (in 2019) of our services exports. Travel and Transport the other 20%.  ‘Other’ includes advertising, legal services, accountancy, architecture, engineering, and many more!
  • There are many Export Champions across the UK who actively talk about their success as service companies. We are keen to hear more from services companies and join the Export Champions community.
  • The connection between goods and services means that the benefits from the liberalisation of services trade are also likely to have significant spill-over effects on goods and vice-versa. Services are also used as an input into the production of goods. Developing services as an accessory to their manufacture is important.
  • On future market opportunities for the sector, there are emerging economies which are seeking to establish their own expertise or centres of excellence. For example: new financial centres in the Middle East or Africa might seek to adopt English law for their legal frameworks.
  • Infrastructure development in emerging markets is also on the rise and with it comes the requirement for infrastructure financing expertise.
  • The role technology and innovation is playing particularly from FinTech, RegTech, and AI subsectors bring with them the need for expertise to help international firms adopt and/or survive the disruption. And the UK is a leader in these.
  • Typical barriers to services exports include mutual recognition of qualifications, licensing agreements, foreign equity restrictions in company ownership, and unjustified data localisation requirements. Please report market access barriers that your services business faces on https://www.great.gov.uk/report-trade-barrier
  • DIT has  established a Professional and Business Services  Trade Advisory Group made up of leaders from across the sector. They provide strategic advice to ensure that the development of UK trade policy is relevant and ambitious for services. BEIS engage with the sector in the UK through the  Professional and Business Services Sector Council
  • In all of the trade negotiations we are currently engaged in we are looking for advanced services chapters with our negotiating partners in areas like data and digital, in areas like financial services, mutual recognition of professional qualifications, and mobility.
  • We want to build a cat’s cradle of trade deals across the Atlantic and Pacific, with the United Kingdom at its heart.
  • Now this isn’t a typical cat’s cradle, we want one that’s supercharged by fibre optic cables and satellites, and we want it focused on our strengths which, alongside food and drink and advanced manufacturing, are digital and services.

Of all the Questions that could be or should be asked here are some selected ones:-

How can I gather more information about Exporting – from Government, Public or Private sources?

How can I find out if the sector we fall into has exporting potential?

Where do the Experts see the growth coming from?

What are we best at Exporting? What are the top 6 Categories?

How can we find out whether what we do has export potential?

How can we find out who we might be able to collaborate with in certain markets?

What are the operating differences between UK businesses that have overseas subsidiaries, or branches or same-brand firms – in terms of work or business opportunities?

Given the number of large UK companies actively involved in exporting, how can we find out if there are subcontract, partnering or associate opportunities with established UK players in overseas markets?

Are there any relevant self-help groups based in the UK?

What can I expect from Banks?

Government Departments concerned with Business have always seemed - to many - to be less interesting and less favoured to and by Ministers than other areas. Is there any current truth in this?

How useful are foreign embassies?

Has Bribery legislation – UK and overseas - and its various interpretations and implications - damaged UK export effectiveness?

What inroads have online businesses made in recent times? Where are the opportunities here?

What trade sectors feature in exports much less that they ought to?

What changes are we likely to see as we disengage further from the EU?

Role of WTO?

UKEF – how much of a hero are they – particularly at SME Level?

Protectionism?

Geo-political tensions and erratic events?

Available networks should be keenly worked. Diaspora connections invariably work well. The Scots are very good at this.

Commonwealth companies can be untapped opportunities – but intra-country mobility can present difficulties.

NOTE:  More purely technical matters do need to be considered and  may include:-  Documentation, Export controls, Customs & VAT Procedures, Regulatory and compliance issues, Insurance issues, Payment terms, Transport & logistics. Local cultures.