The UK’s Department for Business and Trade (DBT) has launched a £2.3mn fund to boost UK exports by shaping regulations in key international markets.

The Regulatory Partnership for Growth Fund is an allocation of these funds from the DBT’s budget to various accreditation and regulatory boards, with the goal of supporting projects that help countries develop UK export-friendly legislation.

Aligning foreign regulations with UK interests to is expected to “unlock export opportunities worth nearly £5bn for UK companies over five years”, according to a DBT press release.

The UK government’s website currently lists 364 trade barriers affecting its exports, of which 36 will be targeted by this fund. This will include disbursal of £330,000 to the National Institute of Health and Care Excellence, £200,000 to the Food Standards Agency and £960,000 to the Offshore Renewable Energy Catapult (Orec), a DBT spokesperson tells GTR.

One of the potential barriers the government says the fund will tackle is Brazil’s development of regulations for offshore wind power, through a “partnership” with Orec, which it estimates will generate £55mn in additional UK exports over five years.

The DBT says it cannot disclose all the trade barriers it is aiming to remove due to commercial and diplomatic sensitivity.

The announcement has been made to coincide with the arrival of business and trade secretary Jonathan Reynolds in Brazil, where he is due to meet with his counterparts from across the globe at a G20 summit.

“We are rolling up our sleeves and removing red tape where it is holding this country back from harnessing every opportunity available,” Reynolds says of the fund.

“This multi-million-pound fund will unleash the potential of some of the most prominent sectors in the UK, and through our excellent regulators businesses will find it easier to sell their world-class goods and services to Brazil and other partners around the world, as we continue to build momentum ahead of our new Industrial Strategy.”

The UK’s exports totalled £842.6bn in 2023, an increase of 4.6% from 2022. However, this was driven by an expansion of service exports, while goods exports fell by £17.4bn to £376bn.

Earlier this year, the British Chambers of Commerce advised the UK to take stronger measures to boost its exports after a slow recovery post-Covid.