Tag: Department for International Trade

The press release issued by the Department for International Trade on 1 November 2022.

Trade Secretary Kemi Badenoch MP will call investment in clean energy “the future-proofing force that will help us create a better tomorrow” at a landmark trade event in the North East of England.

Speaking to an audience of global investors and executives at the Green Trade and Investment Expo in Gateshead, she will set out a three-pronged approach to using trade to ensure the UK is ready to tackle crucial global challenges.

Growing and innovating industries to combat climate change, protect our energy security and create high-paying jobs in industries of the future will form the core of UK’s green trade approach, backed by significant international investment.

The speech will celebrate figures which show the UK’s progress toward clean and sustainable energy is delivering huge economic benefits for the UK. In the past two years, the Government has secured £19.8 billion in new investment, creating over 11,000 new jobs. Total foreign investment has created nearly 85,000 new jobs for people across the UK in 2021-2022 alone. An unprecedented £100 billion of private sector investment is expected to support nearly 500,000 new jobs by 2030.

Ahead of the speech, Trade Secretary Kemi Badenoch said:

We know trade and investment grows our economy, creates jobs, and puts money in people’s pockets – but it also has the power to tackle the challenges we see around the world.

Now is the time to future-proof our economy by investing in cutting-edge green technology, protecting our long-term energy security and creating thousands of jobs in industries of the future.

In just two years we’ve helped to secure £20 billion in green investment from everywhere from Spain to South Korea, creating over 11,000 jobs. I am committed to continuing to bang the trading drum for Britain to boost economic growth and level up the UK for generations to come.

Hosted by the Department for International Trade (DIT) and the Department for Business, Energy and Industrial Strategy (BEIS), the Expo brings together UK businesses and global investors to capitalise on the commercial opportunities stemming from the UK’s journey to net zero.

Minister of State for Climate Change Graham Stuart said:

The UK is number one in Europe for renewable investment opportunities, with the highest offshore wind capacity, one of the largest potential CO2 storage bases, and a fast-emerging centre of excellence for hydrogen propulsion and EV batteries.

The deals struck here in Gateshead will not just bolster our country’s green transition and energy security, but will grow the UK’s economy – supporting livelihoods and helping in our fight against climate change.

Announcements expected at the Expo include Northern Ireland-based bus manufacturer Wrightbus who have secured an £18 million Green Trade Loan and £8 million Green Bank Guarantee, with an 80 percent guarantee from UK Export Finance (UKEF). This will enable them to export cutting-edge net-zero buses to new export markets, building on their existing contracts across the globe, including to Australia and Germany.

Joerg Hofmann, CEO at Wrightbus, said:

At Wrightbus, we are entering the next stage of our ambitious growth plan, significantly growing our export volume from our UK base and becoming one of the leading battery electric and hydrogen bus manufacturers in Europe. UKEF’s support will strongly help us on our future global growth path.

Flogas will confirm a £50 million investment to upgrade Avonmouth terminal to store liquid petroleum gas and future-proofing the site to handle renewable biogas and hydrogen, opening up a potential global supply of renewable fuels to the UK.

Ivan Trevor, Managing Director, Flogas Britain Ltd, said:

The £100 million investment into the Avonmouth LNG Terminal and pipeline near Bristol will link the UK to an unparalleled supply of off-grid gas, providing security and affordability for off-grid homes and businesses across the UK.

With plans to handle fully renewable green gas alternatives and enable emerging fuels to be imported and exported more easily, it will also play a vital role in creating a lower carbon future and help the Government meet its net zero emissions target.

GTIE falls on day two of International Trade Week, a week-long series of business and sector-led activities, events and workshops available to businesses of all sizes and sectors across the UK, completely free of charge. The week is aimed at businesses looking to maximise their global potential, giving them the advice and confidence they need to take the next steps to grow their business and access new international markets.

24 businesses will be showcasing at the Expo, from North East powerhouse Rolls Royce to Proto, a North East England hub for innovation that is opening the first digital production facility in Europe to help organisations to transition to Net Zero using new technology.

The Green Trade and Investment Expo will be sponsored by Principal Partners bp and SSE, and Official Partners, Amazon, Barclays and Atkins, who are crucial stakeholders in the UK’s transition to secure, clean and affordable energy.

Tom Samson, CEO of Rolls-Royce SMR, said:

For the first time in over 20 years, the UK has a domestic nuclear energy technology supplier and the GTIE presents a fantastic opportunity for Rolls-Royce SMR to showcase this industry leading decarbonisation solution. Rolls-Royce SMR has an ambition to build factories and strengthen the UK nuclear supply chain to deliver significant and sustained levelling up and energy security benefits.

We welcome the Government’s leadership on net zero and its support to deliver 24GW of nuclear capacity by 2050.

Alex Cook, Innovation Manager at PROTO, said:

We were delighted to be able to work with Invest North East England and local tech businesses MAADigital, FuzzyLogic and AIS Survivex to create a strong submission for the Expo, and we look forward to showcasing our selection of immersive demonstrators.

The North East is home to an exciting cluster of immersive tech companies and our showcase will allow investors to experience first-hand how these technologies can have a real impact in the energy sector by streamline processes, reducing emissions and allowing companies to de-risk hazardous training exercises by training staff in virtual environments.

The press release issued by the Department for International Trade on 19 October 2022.

• UK Government announces two landmark finance packages worth combined £174.5 million for vital construction projects in Benin and Togo
• UK Export Finance support will unlock £82 million in export opportunities for UK businesses and build key infrastructure
• Trade Minister James Duddridge to announce deals at first UK-Francophone West & Central Africa Trade & Investment Forum

UK firms are set to benefit from landmark new deals worth a combined £174.5 million to finance construction projects in Benin and Togo.

The deals, funded by both Deutsche Bank and MUFG Bank and guaranteed by UK Export Finance (UKEF), will be announced by Trade Minister James Duddridge today (19 October) in a speech to the inaugural UK-Francophone West and Central Africa Trade and Investment Forum in London.

The event will bring together senior politicians and business leaders from eight African nations to boost trade and investment opportunities across a continent with an economy worth £2.6 trillion.

The deals come as the government ramps up its support for West and Central Africa trade, reinforcing the UK’s ambition to be Africa’s investment partner of choice.

Minister of State for International Trade, James Duddridge said:

This landmark finance package will help businesses capitalise on investment prospects, support high-value jobs and provide new opportunities for UK exporters in some of the world’s fastest-growing markets.

UK Export Finance has supported more than £760 million of projects in the Francophone West & Central Africa region in the last year, and we want to do even more. Today’s Forum is another opportunity to show the UK’s ambition to be Africa’s investment partner of choice has never been stronger.

UKEF, the UK’s world-class export credit agency, has guaranteed a landmark £106.5 million loan from Deutsche Bank to the Benin Government which will fund the construction of a new Ministerial City in Benin.

The project will transform the country’s government complex and unlock £35 million in export opportunities for UK businesses, who will supply equipment to Benin for the construction work whilst creating local jobs.

Duddridge will also announce £68.6 million of UKEF-guaranteed financing from MUFG Bank to build a vital new road between Benin and Togo. This will accelerate inter-Africa trade, by opening up routes to dynamic markets, and unlock £47 million worth of UK exports to the region.

At the same time, the road will connect over 200,000 people living in Togo’s Central Region with safer and crucial transport links to Benin.

His Majesty’s Trade Commissioner for Africa, John Humphrey said:

UK Export Finance has witnessed a growing interest in French-speaking West and Central African markets – an appetite which has seen consistent year on year increases.

Recent successes in these markets include an award-winning and record-breaking financing facility for primary healthcare in Cote d’Ivoire, and an innovative infrastructure financing facility in Cameroon.

Rose Kayi Mivedor, Togo Government Minister for Investment Promotion, added:

This project is part of Togo’s Wider Road Infrastructure plan. Our government continues to make strategic investments in infrastructure to build and maintain a road network that not only helps move people and goods, but also stimulates growth in relevant cities.

UKEF participation confirms the project strength and viability and through its expertise, the parties were able to put in place an affordable financing solution that will make this priority project a success for Togo’s economy.

The UK was Europe’s top investor in Africa this year, according to the UN Conference on Trade and Development’s 2022 world investment report.

Today’s new UKEF deals build on £3.2 billion of support for projects across the continent in the past two years, with even more deals expected in the year ahead.

The press release issued by the Department for International Trade on 13 October 2022.

The press release issued by the Department for International Trade on 13 October 2022.

The press release issued by the Department for International Trade on 13 October 2022.

On 11 October 2022, the first meeting of the Trade Dialogue between Uruguay and the United Kingdom took place.

The first meeting of the trade dialogue is a milestone which renews and strengthens the historic economic relationship between both countries, creating a new space to modernise and deepen the bilateral relationship.

The principal aim of the trade dialogue is to promote trade and investment as tools for driving economic growth, to identify new opportunities to deepen our bilateral economic relationship with a focus on sustainable development, to showcase best practice for promoting transparency, and to exchange knowledge and improve competitiveness through innovation and sustainability.

During the meeting, the delegations discussed existing investments and the growth of our bilateral trade between the UK and Uruguay.

The discussion covered both countries’ market access interests, with the aim of increasing opportunities for the quick, safe and transparent movement of goods and services.

Uruguay presented its priorities and highlighted opportunities for investment and bilateral cooperation in the renewable energy sector, particularly green hydrogen, and the UK presented information on public procurement.

Likewise, both parties agreed to continue to exchange information with the aim of advancing our bilateral trade relationship and promoting new opportunities for bilateral economic cooperation.

Both countries agreed to continue discussions on the issues covered and to take the required next steps with the aim of facilitating the growth of trade and investment flows for our mutual benefit.

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

The first round of negotiations for a Free Trade Agreement (FTA) between the United Kingdom (UK) and Gulf Cooperation Council (GCC) took place between 22 August and 29 September 2022. The negotiations were conducted virtually.

In this round of negotiations, the UK and GCC discussed their objectives for the FTA and exchanged technical information. Technical discussions were held across 29 policy areas over 33 sessions. In total, more than 100 UK negotiators from across government took part in this round of negotiations.

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 percent, 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.

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

The government remains clear that any deal will be in the best interests of the British people and the UK economy. We will not compromise on our high environmental and labour protections, 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 NHS and the services it provides is not on the table.

 

The press release issued by the Department for International Trade on 28 September 2022.

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

The UK has marked the first meeting of the UK-EEA EFTA Joint Committee, by signing a decision to cap charges for using data and making calls and texts in Norway and Iceland.

The cap is a world-first in an FTA, keeping costs low for holidaymakers and business travellers to Norway and Iceland.

International Trade Minister Conor Burns MP said:

This news builds on the landmark trade agreement between the UK and Norway, Iceland and Liechtenstein, and is the first of its kind world-wide showing how the innovative trade deals we negotiate are bringing real benefits to British travellers.

I look forward to working with businesses across the UK to take advantage of deals that banish barriers, boost jobs and save money.

Our trade deal with Norway, Iceland and Liechtenstein signed last year aims to boost critical sectors like digital, financial, and professional business services, slash tariffs on top-quality British exports and support jobs in every corner of the UK.

The new FTA allows UK mobile operators to offer their customers surcharge-free mobile roaming in Norway and Iceland by creating a mechanism to cap the rates operators charges each other.

Background:

• Once this decision is in place, the UK will then implement secondary legislation which will be in place early next year. We will work with Mobile Operators to ensure that the savings secured from this cap are filtered down to consumers.
• Liechtenstein is not party to mobile roaming provisions due to their capacity. However, there is an option for this to be extended to them at a future date.

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

The UK enhanced its relationship with our third largest Gulf trading partner, announcing two significant agreements to boost trade and investment.

UK trade minister Ranil Jayawardena met Qatar’s Minister of Commerce and Industry H.E. Sheikh Mohammed bin Hamad Al-Thani in London today to agree the new partnerships at the third UK-Qatar Joint Economic and Trade Committee (JETCO).

It comes after the launch of negotiations on a free trade agreement with the Gulf Cooperation Council (GGC) in June. An agreement with the GCC is an opportunity to grow an overall trade relationship worth £32.4 billion in 2020, breaking down barriers to trade and supporting jobs across the whole of the UK.

Minister for International Trade, Ranil Jayawardena, said:

“Qatar is an important trade and investment partner for Britain. I believe we should nurture and maximise the strength of our relationship to make our economies more resilient and prosperous. 

We are committed to taking steps to further deepen the trade and investment relationship we share with Qatar, and today’s JETCO signals our ambition through two significant agreements.”

The two new MOUs include a new agreement between Department for International Trade (DIT) and Qatar’s Investment Promotion Agency, to help British businesses such as to enter the Qatari market. The collaboration will provide information to companies on strategic investment opportunities and provide guidance on market entry options.

On top of this, DIT also opened the UK export market to Qatar for the supply of vitamins and supplements, enabling Holland & Barrett to export these products to the country.

Nick Parker, Director of International Development, Holland & Barrett said:

“Holland and Barrett’s mission is to make health and wellness a way of life for everyone and through our two franchise stores in Qatar we have been able to serve our customers there since 2015, however until now our franchise partner has been unable to offer our own range of vitamins and supplements.”

During the JETCO, UK Export Finance (UKEF) signed a memorandum with Qatar Development Bank to boost efforts between the UK and Qatari companies by sharing expertise on export finance, insurance products and cooperation on projects which involve both UK and Qatari goods and services.

The meeting of Ministers concluded with the signing of a Joint Statement outlining commitments to tackling market access issues on both sides and growing trade in a range of priority sectors, including healthcare and life sciences, education, and food and drink.

The next meeting of the JETCO will be organised by the State of Qatar’s Ministry of Commerce and Industry and will be held in Doha in 2023.

The press release issued by the Department for International Trade on 23 August 2022.

• New agreement will remove barriers to digital trade, providing much needed support for Ukrainian jobs and livelihoods following Russia’s invasion
• Announcement follows a direct request from Ukraine’s government and comes on Ukrainian Independence Day [Wednesday 24 August]
• Move follows UK’s decision to cut tariffs on all goods from Ukraine to zero under existing UK-Ukraine free trade agreement

The UK and Ukraine have announced their intention to pursue a new digital trade agreement to help Ukraine rebuild its economy and protect livelihoods following Russia’s invasion.

International Trade Secretary Anne-Marie Trevelyan met with First Deputy Prime Minister and Minister of Economy of Ukraine Yuliia Svyrydenko and Vice Prime Minister and Minister of Digital Transformation of Ukraine Mykhailo Fedorov virtually and Ukrainian Ambassador to the UK Vadym Prystaiko in person in London [on Tuesday 23 August] to reiterate the UK’s unwavering support for Ukraine and begin talks.

The digital trade agreement will aim to support Ukrainian businesses by cutting red tape and helping them to trade with the UK more efficiently through technology such as electronic transactions, e-signatures, and e-contracts.

It will also make it easier for UK companies to work with Ukrainian businesses and support with their economic recovery. Total trade between the UK and Ukraine was worth £1.9 billion in 2021 and UK exports of digitally delivered services accounted for 73% of all UK services exports to Ukraine in 2020.

International Trade Secretary Anne-Marie Trevelyan said:

“Putin’s brutal and unprovoked invasion of Ukraine has had devastating human consequences. The UK stands shoulder to shoulder with Ukraine and will use trade as a force for good to help the country rebuild its modern economy after this barbaric war.

Our partnership with Ukraine will help them seize the brighter days ahead, and we will continue to do everything in our power to protect Ukrainian jobs, livelihoods and families.”

Vadym Prystaiko, Ambassador of Ukraine to the United Kingdom said:

“The United Kingdom has shown unwavering support throughout this illegal invasion and the ties between our governments have never been closer.

While we fight fearlessly for the freedom of our nation, many Ukrainians also look ahead to how we will rebuild our country. Strengthening our economic ties through this landmark digital trade agreement will support our IT industry, which is set to become a major driver of economic growth for our businesses and cities.”

Today’s announcement comes following a direct request from President Zelenskyy’s government. The Ukrainian government has identified supporting the digital economy as one of its areas of focus for the recovery and reconstruction of the country. The UK, as a global leader in digital trade, is well placed to help with that.

It follows the UK’s removal of all tariffs under the existing UK-Ukraine free trade agreement in May, supporting Ukrainian businesses and producers to export goods and rebuild their economy. A new digital trade agreement would further strengthen our trading relationship, providing additional and much-needed economic support for businesses in Ukraine.

In July the Trade Secretary also launched a new UK-Ukraine Infrastructure Taskforce, which is building partnerships between UK and Ukrainian businesses to help repair damaged and destroyed infrastructure including bridges and homes in and around Kyiv.

The UK has also introduced one of the largest and most severe packages of economic sanctions against Russia. Measures cover over £18 billion worth of products that were traded with Russia in 2021, as well as over 1,000 individuals and over 100 entities in key sectors such as defence.