Yesterday, Bristol played host to the latest Chartered Institute of Export & International Trade regional event.
Members of the Chartered Institute met in Princes’ Wharf to network and talk about the latest regional developments in international trade, including the latest on digital trading.
Overseas myth
The regional events were set up to highlight the trading profile of each region and build up the specialised networks that exist locally.
At the event, members highlighted the “image problem” the South West had in regards to exports, in that there is a perception from SMEs that it is too difficult to export. Many also said that it wasn’t clear where help was, even when government bodies like the Department for Business & Trade (DBT) and local combined authorities had support on offer.
Attendees also highlighted that, due to budget cuts at DBT, grants to support international trade and trade show visits overseas were no longer available.
Paul Brooks, nations and regions lead at the Chartered Institute said:
“Traders from Bristol and the wider South West have a strong appetite for growing international trade.
“However, the ecosystem that exists to support them needs to work more closely together to realise the potential of traders in Bristol, Bath, Exeter and beyond.”
Planning key
There was also a shared sense that SMEs could spend more time on planning their international trade.
Several logistics providers said that understanding that international trade required a different approach from domestic selling was crucial if smaller companies wanted to take advantage of the opportunities that came from international trade.
Skills gap
As was also apparent from the Newcastle and Manchester events, there is a skills gap that is holding the South West back from exploiting its full potential.
Companies across the UK have complained of the difficulties in finding candidates with the right skills, and international trade is no exception.
The apprenticeship levy, which sometimes needs as little as 10% contribution from the company, was highlighted as a possible solution, but many businesses were not fully aware of its potential.
The levy is a tax paid by employers, which is then stored in a fund. This money can be accessed to help pay for apprenticeship costs.
Younger recruits could even go onto fully-funded courses and get on-the-job training at a minimal cost to the company.
Connect & Grow
At the same time, other members of the Chartered Institute attended the second Connect & Grow event, where director general Marco Forgione and head of membership Sophie Tothill held a half an hour meeting.
Forgione spoke on the difficulties that traders around the world faced in an increasingly turbulent geopolitical environment, and how the Chartered Institute was supporting its membership in navigating these threats to their businesses.
“This is a tremendous initiative and gives members the opportunity both to connect with each other and connect with your Chartered Institute to ensure that we are delivering the services you need, that we're addressing the issues and challenges you face.”
He also gave updates on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the UK-EU relationship and upcoming institute events exclusively for members.