Publishing: a British comparative advantage
Graham Stuart speaks at the Publishers Association on the industry's value to UK trade, the Export Strategy, and trade policy beyond the Customs Union.
It바카라 사이트檚 been more than 30 years since I started my first publishing business: writing, editing and publishing a local 바카라 사이트榳hat바카라 사이트檚 on바카라 사이트� guide, based in my university digs, when I was supposed to be studying for my degree. And I must say 바카라 사이트� time well spent.
I바카라 사이트檓 sure a lot바카라 사이트檚 changed since then 바카라 사이트� you바카라 사이트檒l know better than me! But I바카라 사이트檓 really pleased to see our industry going from strength to strength.
And that바카라 사이트檚 not just a personal thing. Trade is a real priority for this government: for the first time in this country바카라 사이트檚 history, we바카라 사이트檝e got a department solely devoted to increasing our international trade.
Don바카라 사이트檛 forget that Brexit cuts across hundreds of policy areas: but only one of them got a brand new, permanent department. One need only glance at the papers to see how far trade has moved up the political agenda.
It is right that it is a priority 바카라 사이트� trade and investment matter to our economy. We exported well over 拢600 billion last year; we바카라 사이트檙e now the world바카라 사이트檚 fourth largest exporting nation, after overtaking France and Japan; we바카라 사이트檝e got 拢2.4 trillion of British money invested abroad or foreign money invested here.
The government wants to build on that, which is why we바카라 사이트檙e creating a new Export Strategy 바카라 사이트� led by Rona Fairhead, who also used to work in publishing, and I believe talked at your event at the London Book Fair in March.
The UK바카라 사이트檚 comparative advantage in publishing
Trade is all about playing to your strengths: it바카라 사이트檚 called comparative advantage for a reason.
And publishing is an area of strength for Britain.
Our language is an advantage. Speaking the world바카라 사이트檚 language is naturally going to help us publish to the world.
Our researchers are an advantage. There바카라 사이트檚 a reason why we바카라 사이트檙e home to 10% of the world바카라 사이트檚 academic publishers, with 拢1.1 billion of international revenue.
It바카라 사이트檚 because we have one of the world바카라 사이트檚 best science bases, and some of the best universities: according to Times Higher Education, for 7 years in a row the 10 highest-rated universities, as ranked by fellow academics, were all in either the UK or the US.
That바카라 사이트檚 something the government wants to support further: in the Industrial Strategy we committed to increasing R&D spending to 3% of GDP, which would put us in the top quartile of OECD countries.
Our intellectual property regime is an advantage. Your work is world-class. But you need to get paid for it.
Fortunately, Britain boasts one of the world바카라 사이트檚 most robust intellectual property regimes, and the Creative Industries Sector Deal included 拢2 million to educate consumers on the value of copyright.
And 바카라 사이트� let바카라 사이트檚 not underestimate this 바카라 사이트� there바카라 사이트檚 the cultural factor. Publishers know how to export, because you already export a lot 바카라 사이트� I believe 57% of your revenues come from exporting, which is impressive.
So when it comes to exporting, you start from a strong position 바카라 사이트� and the government is helping secure that position.
바카라 사이트 help for publishing exports
But this isn바카라 사이트檛 just about setting the right background conditions. The government is also committed to directly helping you export.
Over the past 4 years, the Department for International Trade and its predecessors have had a significant presence at the annual London Book Fair, including meetings with targeted buyers from China, India, South Korea, Indonesia, Thailand, USA and the UAE.
And our Tradeshow Access Programme is helping UK publishers to attend other major international trade fairs.
This year, from April 2018 to March 2019, there will be UK groups, managed by the Publishers바카라 사이트� Association, at the Bologna Children바카라 사이트檚 Book Fair, the Shanghai International Children바카라 사이트檚 Book Fair, the New York Rights Fair, the Beijing International Book Fair and the Frankfurt Book Fair.
And you바카라 사이트檒l be helped by our efforts to promote exporting more widely.
The Export Strategy
I can바카라 사이트檛 give you every detail on the Export Strategy 바카라 사이트� like any good book, you바카라 사이트檒l have to wait until it comes out.
But let me give you some teasers 바카라 사이트� or spoilers, if you like 바카라 사이트� and a flavour of what we바카라 사이트檙e already doing.
We will put finance at the heart of our offer: UK Export Finance, the world바카라 사이트檚 oldest export credit agency, can provide insurance or credit to help you export. It can now already provide over 拢50 billion in support, in over 60 different currencies.
As part of our export strategy, we바카라 사이트檒l be doing a full review of the UK Export Finance product suite.
We바카라 사이트檒l be encouraging the uptake of Export Finance support 바카라 사이트� too many people don바카라 사이트檛 know about it. And we바카라 사이트檒l be especially focussing on SME바카라 사이트檚 and on companies down the supply chain 바카라 사이트� those who don바카라 사이트檛 export themselves, but who supply to companies that do.
And finance is far from the end. We바카라 사이트檒l be making sure that companies have the right practical and promotional support, too 바카라 사이트� this is a comprehensive strategy, using all the tools at our disposal.
People often think of the Department for International Trade as a purely 바카라 사이트楤rexit department바카라 사이트�.
Well, aside from UK Export Finance, which is nearly 100 years old in one form or another, we have a network of trade advisers in 108 countries across the world.
So if any of you are looking at expanding into a new market: my department can give you the local knowledge you need, connecting you with local opportunities and helping you understand local business practices.
Our Export Strategy is also going to stick to some important principles.
One of these is that it must be for business, and led by business.
Another is what we call 바카라 사이트榥o wrong door바카라 사이트� principle. 바카라 사이트 can be complex 바카라 사이트� sometimes that바카라 사이트檚 unavoidable. But that doesn바카라 사이트檛 mean dealing with us should be complex.
The support you get should be seamless 바카라 사이트� you shouldn바카라 사이트檛 have to understand our internal structure to work with us, anymore than you바카라 사이트檇 expect that of your own customers.
Future trade policy
Now, the Export Strategy does not exhaust our trade policy. There is, of course, the small matter of Brexit and of trade agreements outside the Customs Union.
Let me say first that we will be transitioning the EU바카라 사이트檚 existing free trade agreements, and that we바카라 사이트檙e taking through the House of Commons right now a Trade Bill that will give us the powers we need to do that.
But we will also be looking to sign new trade agreements. That is one of the great opportunities we will have, once we have left the Customs Union: the IMF estimates that 90% of global growth in the next 10 to 15 years is going to come from outside the EU.
We are currently barred from negotiating trade agreements under the EU duty of sincere cooperation. But we are laying the ground 바카라 사이트� and the signs have been positive.
As you바카라 사이트檇 expect, we take a holistic approach to prioritising them, and it requires judgment 바카라 사이트� there바카라 사이트檚 no algorithm. But we take into account things like the size of the economy, how easily we could reach an agreement, and how compatible our economies are.
We have set up working groups covering 21 countries, and myself and other ministers in my department have made over 160 overseas visits.
And we바카라 사이트檝e had a good reception. To quote the Prime Minister of New Zealand: 바카라 사이트淲e are here, ready and waiting바카라 사이트hen you are ready we are.바카라 사이트�
I know the US is one of your biggest markets. Well, here바카라 사이트檚 US Treasury Secretary, Steven Mnuchin: 바카라 사이트淎s soon as the UK is ready we will be prepared to negotiate an attractive trade deal바카라 사이트�.
You can바카라 사이트檛 put it clearer than that.
So, I do think we will get trade agreements that will allow us to maintain and extend your overseas markets. But before I finish, I바카라 사이트檇 like to emphasise how important it is for me to hear from you and what you have to say. There바카라 사이트檚 a reason why a key principle of the Export Strategy is designing it around the needs of business 바카라 사이트� it바카라 사이트檚 because the Department for International Trade exists, ultimately, for you.
The government doesn바카라 사이트檛 trade, businesses trade 바카라 사이트� my job is simply to facilitate you trading, and I can only do that effectively if I know the barriers you face.