Tag: Department for International Trade

The press release issued by the Department for International Trade on 24 December 2022.

UK government has secured the removal of rules banning the export of certain pork products to South Korea.

• British pigs in blankets could end up in South Korean Christmas dinners after the UK government secured the removal of rules banning the export of certain pork products to the country
• New export opportunity allows UK producers to sell bacon, ham, and pork sausages to South Korea and could be worth up to £1 million over five years
• News comes as the UK kicks off preparations to negotiate an enhanced trade deal with Korea

UK companies can export products such as bacon, ham and pork sausages to South Korea after the resolution of a trade barrier blocking UK exports of processed pork products.

South Korea’s Ministry of Food and Drug Safety had previously banned UK exports of the products, but this ban was lifted ahead of Christmas after action from the government.

It is estimated that the Korean market could be worth up to £1 million to UK exporters in the first five years.

Korea is a meat-loving nation and pork products are consumed in a number of traditional dishes, from Samgyeopsal (‘Korean BBQ’) to Budae Jjigae (‘Army Stew’). In 2021, around 27.6 kilograms of pork were consumed per person in South Korea, with consumption increasing over the years.

The UK exported £339 million of pork globally in 2021, with over two-thirds going to non-EU destinations, demonstrating the value of unlocking markets around the world.

Trade Secretary Kemi Badenoch said:

This is good news for British farmers who haven’t been able to sell their pork to South Korea because of a trade barrier.

We have removed that barrier in time for Christmas and it is worth so much to farmers over the Christmas Period.

Food Minister Mark Spencer said:

British pork is renowned across the world for both its quality and its great taste.  The hard work of British teams to open up this market means British bacon and sausages can be the heart and Seoul of South Korean celebrations and dinners throughout the year.

Registering to export is simple and the British Embassy in Seoul are able to support UK businesses who want to take advantage of this and other export opportunities.

The UK-South Korea trade deal came into force on 1 January 2021, enabling the vast majority of goods of UK or South Korean origin to be traded tariff-free.

On 9 December 2022, the UK launched a public Call for Input in preparation for negotiations on an enhanced trade deal.

The new deal will upgrade our trade agreement with South Korea, ensuring a more modern and fit-for-purpose deal that builds on our existing £14.3 billion trading relationship and meets the specific needs of the UK. This will include important areas such as digital trade, enhanced climate provisions and further support for small and medium sized businesses.

The press release issued by the Department for International Trade on 24 December 2022.

The press release issued by the Department for International Trade on 22 December 2022.

Round six of negotiations for a free trade agreement between the United Kingdom and the Republic of India, and Secretary of State visit to India.

The press release issued by the Department for International Trade on 20 December 2022.

Round two of negotiations for a free trade agreement between the United Kingdom and the Gulf Cooperation Council.

The second round of negotiations for an Free Trade Agreement (FTA) between the UK and the GCC took place between 5 and 9 December.

The second round was hosted in London and held in a hybrid fashion. More than 100 GCC officials travelled to London for in-person discussions, with others attending virtually. Technical discussions were held across 29 policy areas over 36 sessions. In total, more than 100 UK negotiators from across Government took part in this round of negotiations.

During the round, the UK set out its policy positions having exchanged draft chapter text with the GCC across most policy areas before the round. A key objective at this stage was to continue to build a firm understanding of the GCC’s policy positions and priorities. Both negotiation teams took actions to further consider each other’s positions and identify opportunities to move closer together ahead of round three.

Both sides remain committed to securing an ambitious, comprehensive and modern agreement fit for the 21st century.

An FTA will be a substantial economic opportunity, and a significant moment in the UK-GCC relationship. Government analysis shows that, in the long-run, a deal with the GCC is expected to increase trade by at least 16%, add at least £1.6 billion a year to the UK economy and contribute an additional £600 million or more to UK workers’ annual wages.

We expect the third round of negotiations to take place in Riyadh next year.

His Majesty’s Government remains clear that any deal we sign will be in the best interests of the British people and the United Kingdom economy. We will not compromise on our high environmental, public health, animal welfare and food standards, and we will maintain our right to regulate in the public interest. We are also clear that during these negotiations, the National Health Service and the services it provides is not on the table.

The press release issued by the Department for International Trade on 16 December 2022.

The Secretary of State for International Trade has approved new anti-dumping measures recommended by TRA against Aluminium Extrusions from China.

The government has today [16 December 2022] agreed with the Trade Remedies Authority’s recommendation that a new anti-dumping duty be applied to imports of Aluminium Extrusions from China to the UK.

The TRA’s investigation, initiated at the request of producers of Aluminium Extrusions in the UK, found that imports are being dumped into the UK at unfair prices and causing injury to domestic producers. The investigation identified seven UK producers of Aluminium Extrusions, four of which had a combined annual turnover of £155 million and employed more than 1000 people.

The TRA’s interim report, the Statement of Essential Facts, published in May invited interested parties to comment. The TRA considered these comments and submitted a final recommendation to the Secretary of State for International Trade who agreed that the new trade remedy measure should be put in place on these imports in the form of a tariff at the border. This tariff will come into effect from 17 December 2022.

TRA Chief Executive Oliver Griffiths said:

The Secretary of State has today upheld our recommendation in the first case instigated by the TRA at the request of UK industry. The decision to impose targeted tariffs will shield producers of aluminium extrusions in the UK from dumped products from China.

Measures to provide protection to UK producers

During its investigation, the TRA determined that damage to the UK industry was occurring, having found clear evidence of price undercutting, indicating that UK businesses were struggling to compete with the dumped imports.

The Secretary of State’s final decision has recognised imports should not be subject to the measure for Aluminium Extrusions that the UK does not produce. A Notice of Final Negative Determination has been published to reflect this.

Case initiated in response to calls from UK industry

The TRA initiated an investigation into imports of Aluminium Extrusions from the People’s Republic of China to the UK in June 2021 in response to a request from the domestic industry. There are a number of manufacturers based across the UK making these products, which are mainly aluminium bars, tubes and pipes. They are used in heating, ventilation and air-conditioning, building and construction, transport and car manufacture.

The press release issued by the Department for International Trade on 14 December 2022.

The Cabinet Secretary has appointed Gareth Davies as the new Permanent Secretary to the Department for International Trade.

The press release issued by the Department for International Trade on 12 December 2022.

On Monday 12 December 2022, the UK and State of Indiana held the first government to government working group under the UK-Indiana Memorandum of Understanding (MoU) on economic cooperation and trade relations, in Indianapolis.

Alan Gogbashian, Consul General for the United Kingdom in Chicago and Bradley Chambers, Secretary of Commerce for the State of Indiana, led a discussion focused on energy transition, sustainability and government procurement, which highlighted opportunities to deepen cooperation in these areas.

Since being signed at the Indiana Global Economic Summit in May 2022, the MoU has provided a framework for increased engagement on economic development, trade promotion and academic collaboration. In acknowledgement of the progress made to date, both sides agreed to expand the next working group session, to be held in early 2023, to involve representatives from industry, SMEs and academia as part of ongoing joint work to deliver mutual prosperity, underpin engagement and create jobs in the UK and Indiana.

The press release issued by the Department for International Trade on 12 December 2022.

• International Trade Secretary Kemi Badenoch travels to New Delhi to kick off sixth round of UK-India trade talks
• Big-hitting UK brands such as Pret A Manger, Revolut and Tide announce expansion in India
• Visit enforces UK’s strategic tilt to Indo-Pacific, home to some of the fastest-growing economies in the world

Trade Secretary Kemi Badenoch arrives in New Delhi today [Mon 12 Dec] for the sixth round of Free Trade Agreement (FTA) negotiations between the UK and India.

Badenoch will meet her counterpart, Indian Minister of Commerce and Industry Piyush Goyal, in person for the first time, aiming to strengthen ties between the two countries and reinvigorate talks on an ambitious bilateral trade deal.

She will address both teams of senior negotiators ahead of the sixth round of formal negotiations taking place throughout the week.

The talks – the first formal round since July – will target a deal to cut tariffs and open opportunities for UK services such as financial and legal, making it easier for British businesses to sell to an economy set to be the world’s third largest – with a middle class of 250 million people – by 2050.

During her visit, the Trade Secretary will also meet with business leaders to better understand their needs for a modern UK – India trade relationship. This will include a meeting with envoPAP, a UK company investing over £10 million in India to construct a plant producing Fairtrade paper and packaging products.

Secretary of State for International Trade Kemi Badenoch said:

I’m here in New Delhi to kickstart round six of UK-India trade negotiations and meet my counterpart Minister Goyal in person to drive progress on this agreement.

Both nations have come to the table with the very highest of ambitions and a willingness to work together towards a mutually beneficial deal. I’m excited about the opportunities we can create for British business.

India and the UK are the 5th and 6th biggest economies in the world. We have a long shared history, and are in pole position to do a deal that will create jobs, encourage growth and boost our £29 billion trading relationship.

Strong growth in the Indian economy is expected to boost UK exports to India by over £9 billion by the middle of the next decade, and UK businesses are already taking advantage of the flourishing trading relationship.

UK household name Pret A Manger and fintech pioneers Tide and Revolut are among those expanding in India.

British coffee and sandwich retailer Pret will open its first branch in India early in 2023 following a franchise partnership with Reliance Brands. Mumbai will be the chain’s first branch, as part of a plan to open 100 in total across the country.

Pano Christou, CEO, Pret A Manger, said:

Bringing Pret’s freshly made food and organic coffee to more people around the world is a key part of our transformation strategy, and I’m delighted to be launching Pret in India.

With strong demand for fresh food and new dining experiences, we see an exciting opportunity to grow the Pret brand across India while also adding something truly unique to its food-to-go market.

Andy Burwell, International Director at the Confederation of British Industry, said:

The UK-India FTA remains a top priority for industry. We applaud the Secretary of State and Prime Minister for listening and prioritising substance over pace.

Trade is a fundamental driver of growth and India will be an important partner and market as the UK looks to escape stagflation, attract skilled labour and deliver on the green transition.

Businesses like these could benefit from a reduction in red tape, more affordable cross-border trade, and increased opportunities to work with Indian companies and suppliers thanks to the Free Trade Agreement.

The press release issued by the Department for International Trade on 9 December 2022.

The UK has today kicked off preparations to negotiate an enhanced Free Trade Agreement with South Korea by launching a call for input asking businesses, organisations and individuals to help shape the UK’s negotiating aims ahead of talks.

The new deal will upgrade our trading agreement with South Korea, ensuring a more modern and fit-for-purpose deal that builds on our existing £14.3 billion trading relationship and meets the specific needs of the UK. This will include important areas such as digital trade, enhanced climate provisions and further support for small and medium sized businesses.

The news comes following Minister for Trade Policy Greg Hands’ visit to CSA Catapult in Newport last week to discuss how an enhanced Free Trade Agreement could increase UK exports to the growing South Korean market. CSA Catapult is a semiconductor research and technology organisation funded by Innovate UK which specialises in promoting UK next generation technology around the world.

Minister for Trade Policy Greg Hands said:

I’m delighted we are on the cusp of launching trade negotiations with another dynamic market in a fast-growing part of the world.

South Korea is a growing market for top-quality British products and services and forms a key part of the UK’s renewed focus on the Indo-Pacific region, securing stronger ties with economies of the future.

The opportunities increasing our trade with South Korea presents are significant, not least in digital trade, which is already worth £1.3 billion.

The new agreement is expected to include dedicated help for smaller businesses, and provisions for investment and digital trade, which will support economic growth and jobs. Further liberalising our services provisions could also boost UK exports of financial and business services to Korea, already worth £1.4 billion in 2021.

The UK is already a top destination for South Korean green investment and could become an even more attractive country to do business in under a new deal.

Korean companies such as SeAH Wind Ltd are investing in the UK. SeAH have recently announced an investment of over £400 million in a monopile foundation manufacturing facility creating up to 750 jobs by 2030.

South Korea is the 10th largest economy in the world and a top-three global producer of vital goods such as semiconductors and ships. In an increasingly unstable world, boosting trade with a like-minded democracy, and trusted ally, will improve our security and resilience.

The UK and South Korea have already signed an agreement to strengthen supply chain resilience confronting global shortages such as of semiconductors, which impacts products including medical equipment, computers and electric vehicles, as well as other supply chain issues caused by the pandemic.

The agreement will help to ensure the smooth flow of key supplies between our two countries, which will support businesses and public services like the NHS to avoid supply shortages.

Gerard Grech, CEO, Tech Nation, said:

We welcome the news of an enhanced Free Trade Agreement between the UK and South Korea, especially in furthering opportunities for export-ready UK tech scaleups looking to expand there.

Providing companies with the opportunity to directly input into the deal shows real intent by the UK Government to listen to the tech industry, an approach that is testament to Tech Nation’s contribution to the sector and impactful international work.

Martin McHugh, Chief Executive Officer, CSA Catapult said:

The Compound Semiconductor Applications (CSA) Catapult supports the growth of UK industry and has a strong track record in building electronics supply chains for electric vehicles and telecom networks.

Closer trade ties between the UK and South Korea are likely to offer growth for the UK, so we will encourage our industry partners to contribute to this consultation.

Francis Chun, President and CEO, Samsung Electronics UK and Ireland said:

Samsung supports the UK and Korea in continuing to develop their close and positive relationship through comprehensive trade cooperation and the constructive revision of existing trade agreements.

We believe that increased trade between the two countries, particularly in the area of technology and innovation, is important and beneficial for businesses and consumers in both countries.

The press release issued by the Department for International Trade on 7 December 2022.

Trade Minister Greg Hands today kicks off a multi-state tour of the US to boost trade and investment ties with individual states.

Starting in Columbia, South Carolina, he will cover three states in four days: South Carolina, California and Utah. The tour includes the largest US state economy, which covers around 15% of US GDP and therefore represents enormous opportunities for UK businesses.

He will meet with senior representatives from both political parties, including state governors, to explore opportunities for enhanced trade.

In Columbia, South Carolina, he will sign the UK’s third trade Memorandum of Understanding (MoU) with a US state, following the signatures of Indiana and North Carolina earlier in the year. In Utah, he will continue discussions on an MoU with a view to signing early next year.

Minister of State for Trade Policy Greg Hands said:

These MoUs with US states can cover areas vital to the UK, from tech and renewable energy to financial and professional services.

We’re engaging with the US at every level – federal, state and local – to increase opportunities for UK businesses.

Whether it’s successfully securing an expansive removal of Section 232 tariffs on imports of UK steel and aluminium into the US, signing MoUs with individual states or seeking recognition of professional qualifications, the UK is focused on delivering for British businesses and consumers.

The MoU will bolster our trading partnership with South Carolina, which bought £1.4bn of goods from the UK last year.

By addressing state-specific trade barriers, promoting trade missions to South Carolina and sharing expertise and best practice, it will seek to unlock opportunities for UK firms to expand overseas and attract investment.

The MoU will focus on key sectors which reflect shared areas of expertise such as automotive – including electric vehicles – and life sciences. This could benefit British firms exporting to South Carolina such as specialist manufacturer Sigmatex.

It will support the Government’s levelling up agenda, for instance boosting export opportunities for the West Midlands’ £5bn automotive industry or Scotland’s thriving life sciences sector.

The MoU aims to create stronger commercial and academic links in these sectors, which could boost jobs and wages in the UK, adding to the already more than 130,000 life sciences jobs outside London and the South East.

Paul McMullan, CEO Sigmatex said:

As a UK company, we chose South Carolina as our preferred base in North America due to the many benefits offered by the State, including a strong labour pool, a fast-growing industrial sector and a business-friendly regulatory environment.

The news of South Carolina and the UK agreeing an MoU on trade and economic development is very welcome indeed, and sure to bring further benefits to companies like Sigmatex who wish to have operations in the USA and specifically the State of SC.

The US is the UK’s largest trading partner. The Minister will highlight the importance of our £230bn trade partnership for fuelling economic growth and job creation on both sides of the Atlantic.

The trip forms part of the UK’s twin-track approach to trade with the US, strengthening links with individual states in parallel with our work with the federal government. Other states being engaged include Texas, Oklahoma, Washington and Oregon.