Barclays and the Department of International Trade (DIT) announce industry-leading partnership agreement

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Barclays has partnered with the Department of International Trade (DIT) to sign an industry-leading 5-year partnership agreement to broaden, deepen and refine efforts to increase exports and trade and investment opportunities for UK businesses of all sizes.

This five-year partnership agreement highlights four key priorities and areas of collaboration between DIT and Barclays:

1. Markets: Facilitating trade, export and investment opportunities for UK businesses globally, through shared networks and dedicated trade specialists. This includes custom delivery High Value Small Business Exporter Pilot Project program focusing on major international markets.

2. Sectors: Identify trade and export opportunities for key business sectors through events, webinars, thought leadership and information sharing. Barclays and DIT will regularly bring together all elements of the commercial supply chain in Sectoral round tables “Meet the Experts” through the bank.

3. UK Export Finance (UKEF): Increase awareness, understanding and uptake of UK Export Finance (UKEF) to ensure that no viable UK export fails for lack of finance. This includes shaping future UKEF products, to enable more customers to access services, in particular looking at the possibility of developing a specific UKEF guarantee product for small transactions to encourage small business exports.

4. Digitization of commerce: Promoting the UK as a leader in digitizing trade to reduce costs and promote greater economic inclusion in global finance. Barclays will work with DIT and the International Chambers of Commerce (ICC) in the UK to drive this agenda forward through the launch of a Digitization of Commerce Working Group. This working group will be co-chaired by Barclays Global Head of Trade & Working Capital, James Binns and Chris Southworth, Secretary General, ICC UK. This working group will build on the work of the new Center for Digital Commerce and Innovation.

Barclays’ partnership agreement with DIT underscores the importance of building strong relationships with the private and public sectors to unlock increased post-COVID trade, export and investment opportunities. From start-ups seeking to access export scale to established companies looking to expand their global offering, clients across the bank will be able to capitalize on the benefits of closer collaboration. between Barclays and DIT.

James Binns, global head of trading and working capital at Barclays, said:

“Helping businesses of all sizes grow internationally is vital. Less than 10% of UK businesses export overseas, but our economic modeling found that the global preference for ‘made in Britain’ products could be worth an extra £3.5 billion a year to UK businesses.1.

“Unlocking this untapped export potential is even more important in the face of the consequences of COVID and the rising inflationary pressures and costs facing businesses. Policymakers, lenders and export credit agencies all have a vital role to play in helping to drive a thriving export-driven economy, which is why we are delighted to launch this partnership with the ministry. of International Trade.

Mike Freer, MP, Minister of Exports said:

“If more businesses export, the whole economy benefits, which is why this partnership with Barclays is another tool in our arsenal to boost the aspirations and opportunities of small exporting businesses across the UK. With market-based solutions helping to drive greener trade and getting more small businesses to trade internationally, the potential for companies to increase their exports is huge.

“As Minister for Exports, I want to ensure that small businesses have the support they need to access this scale of trade, especially as we race towards our £1 trillion export target. sterling.”

Ends.

[1] Barclays Made in Britain Report 2021

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