Tag: Press Release

The press release issued by the Foreign Office on 1 March 2023.

The UK becomes a member of IDB Invest, the private sector arm of the largest development bank in Latin America and the Caribbean.

The UK has joined IDB Invest, a member of the Inter-American Development Bank Group (IDB Group) focused on development through the private sector, in a move designed to boost the UK’s work reducing poverty and tackling climate change across Latin America and the Caribbean through support for small and medium sized businesses.

Development Minister Andrew Mitchell was joined by IDB President Ilan Goldfajn and IDB Invest CEO James Scriven in London to complete the UK’s membership of the group that provides almost £5 billion of annual finance to businesses across the region. Membership will ensure the UK can influence investments that the institution makes annually and promote the UK’s development objectives through the work of the Bank.

Development Minister Andrew Mitchell said:

Unleashing private sector investment across the Caribbean and Latin America is vital to delivering the UK’s International Development Strategy.

Joining IDB Invest will help us promote private sector investment, alleviate poverty and tackle climate change in a region experiencing its most severe effects.

The UK and IDB Invest will build on their existing partnership through the UK Sustainable Infrastructure Programme (UKSIP), which supports Mexico, Colombia, Peru and Brazil to reduce their emissions and transition to sustainable infrastructure.

UKSIP support for IDB Invest projects is expected to raise over £150 million in private finance for the development of two solar power plants and the purchase of 400 electric buses.

The solar plants will produce around 440 GWh per year, the equivalent power required for 230,000 homes in Colombia. Green electric buses are expected to save an estimated 500,000 tonnes of carbon dioxide over their lifetime – the equivalent to taking 100,000 cars off the road for a year.

In the last decade, IDB Invest has listed over £5 billion in bonds on the London Stock Exchange. This demonstrates the strength of its partnership with the City and London’s role as the leading hub globally for green finance – ranked first in the world, for a third consecutive time, according to the Global Green Finance Index.

Last year, British International Investment, the UK’s own development finance institution, made its first investment in the Caribbean for over 20 years, investing alongside IDB Invest and local partners with the aim to deliver thousands of jobs and support productive, sustainable and inclusive economic growth across the region.

During their meeting, Minister Mitchell and President Goldfajn agreed on the critical role of the Bank Group in increasing global climate ambitions. The minister set out the UK’s commitment to international investment in green businesses, stressing its importance in addressing the strategic vulnerability of climate change.

The UK’s International Development Strategy also outlines its commitment to help countries strengthen their energy security and provide affordable, reliable, and clean energy for all, employing the full development finance toolkit, including British International Investment. This put the UK’s strengths – its capital markets, innovation, and expertise in science and technology – to work in mobilising more private finance to advance climate and nature goals.

The press release issued by the Foreign Office on 1 March 2023.

UK Minister for Overseas Territories, Commonwealth, Energy, Climate and Environment, Lord Zac Goldsmith is in Libreville for two-days to attend the One Forest Summit.

The Summit is an opportunity for the UK and international partners from three continents to advance and renew their collective ambition regarding the conservation and sustainable management of the Amazon, the Congo basin and the tropical forests of South East Asia often considered as the heart and lungs of the planet.

International collaboration and coordination between donors and regional countries is paramount to reversing forest and biodiversity loss and promoting sustainable development, and the UK is taking a leading role as Chair of the Central African Forest Initiative and co-chair of the Donor College within the Congo Basin Forest Partnership.

The UK will sign a Memorandum of Understanding (MOU) with the Government of Gabon, where both parties will agree to shared priorities in the context of the climate ambition and commitments made at COP26.

Further engagements will include high-level meetings with Heads of State, Government officials, as well as other public and political stakeholders on how to promote the emergence of tangible solutions for a transition to a low-carbon economy, for climate change adaptation and for the protection of biodiversity.

Minister Goldsmith said:

I am delighted to be attending the One Forest Summit on behalf of the UK. This is a fantastic opportunity to work with our partners from across the globe to reaffirm the climate commitment made at COP26 to protect the Congo Basin forests and peatlands.

The press release issued by the Foreign Office on 1 March 2023.

The UK’s Ambassador to the WTO and UN in Geneva, Simon Manley, delivered this statement at the 15th WTO Trade Policy Review of Japan on 1 March 2023.

Madam Chair, thank you for leading this important scrutiny of one of the WTO’s biggest economies. In this new era of UK-EU cooperation let me also thank João for setting up our discussion today with such wisdom and linguistic skill. And let me also warmly welcome Japan’s delegation to their Trade Policy Review today, led by Deputy Assistant Minister Okochi.

Madam Chair, our nations enjoy deep historical ties going back centuries and Japan is now one of Britain’s closest partners in Asia. Indulge me a moment, as a lapsed historian, to take stock of the progress we have made together since English seafarers established first trading stations at Hirado Island in the 17th Century.

Today, Japan is a key partner with whom we share a vibrant bilateral trading relationship. Decades of partnership in automotive and electronics manufacturing, IT, energy, life sciences and financial services have provided the foundations for a dramatic expansion of industrial ties. From 2012 to 2020, Japanese Foreign Direct Investment in the UK almost tripled. In 2021, Nissan chose the great city of Sunderland as its flagship global EV Hub, investing £1bn in EV manufacturing and a gigafactory. Japanese firms contribute to the UK’s leading position in offshore wind. A Marubeni consortium is developing one of the world’s largest floating offshore wind farms in Scotland. From large tech to pharma to megabanks, there are now around a thousand Japanese companies operating in the UK.

Our association is deep and wide-ranging, underpinned by our bilateral FTA, the Comprehensive Economic Partnership Agreement, which came into force last year, further updating our collaborative and reciprocal relationship for the 2020s and beyond. The UK and Japan have also shown ambition in areas dear to the heart of the DG and vital to supporting trade like digital, on which we launched our Digital Partnership, in December 2022.

When our two Prime Ministers met at the Tower of London on 11 January, Prime Minister Sunak spoke of “an unbreakable bond that reaches halfway around the world”. And that’s why, recognising that our security is shared and indivisible, they signed a landmark deal on military cooperation – the Reciprocal Access Agreement.

And we hope that our membership of CPTPP will further elevate the ties between the UK and its Pacific partners, including Japan, to a new level. We are grateful to Japan for their support to the UK in that process and hope that this will not only promote trade and investment between our two great nations, but also demonstrate our ongoing commitment to the Indo-Pacific region as a whole.

Madam Chair, we commend Prime Minister Kishida’s agenda of driving the transformation of Japan’s economy by digitisation and investments in green technology and human capital. And we encourage Japan to match its high ambition with corresponding actions. As identified in our Advance Written Questions, there are several strategic areas where we would like to collaborate even more closely with Japan. Some of these are global issues, like decarbonisation and digitalisation, where all countries need to do more. But to realise ambitions in this area, we must focus on ensuring that businesses can make the most of these opportunities, by tackling the practical challenges that they still face: streamlining bureaucratic processes is a key example of this. Across the piece, we hope the UK can provide valuable expertise and support, and we look forward to continuing to work with Japan on realising these mutual opportunities.

Chair, we are glad to see that maintaining and strengthening the multilateral trading system is a key pillar of Japan’s trade policy. And I pay tribute to the wise guidance that Ambassador Yamazaki provides to his team in this House. Plurilateralism has brought much-needed energy and dynamism to this organisation. We are grateful for Japan’s cooperation in plurilateral initiatives, in particular as one of the co-convenors for the E-Commerce JI, which will deliver modern global rules on digital trade that are fit for purpose in the 2020s and support the digital economy. This is a top priority for the UK and we look forward to working with Japan to conclude substantive negotiations in 2023. We also appreciate Japan’s efforts to launch certification requests for the Services Domestic Regulation JI last December 2022.

We wholeheartedly agree with Minister Nishimura’s assessment in his speech to the Centre for Strategic and International Studies that we must never allow ourselves to fall into protectionism and using industrial subsidies to compete against one another. Our countries support a robust and effective multilateral trading system, crucial to the future functioning of the international order, and we must ensure our industrial policies do not disrupt these important trade links. The UK will support Japan in holding high the banner of free trade.

We therefore welcome Japan’s focus under their G7 presidency on global economic recovery, strengthening economic security, and improving cooperation with the Global South. In the past year we have stood side by side with Japan and all G7 partners in supporting Ukraine against President Putin’s unprovoked aggression, and we will continue to stand together for Ukraine’s freedom, for international law, and our rules based multilateral trading system.

We are pleased that the G7 Trade Track is now in its 3rd year, an initiative pioneered under our own 2021 Presidency. We will support Japan to achieve practical outcomes particularly in the development of a comprehensive package on economic security that will help create a more resilient global trading system in the interests of all WTO Members.

Chair, to conclude, as the annual cherry blossom viewing season approaches, we wish Japan a similarly serene review and a florescence of success in their strategic trade programme, with the UK as a close partner.

And, in the spirit of a belated Trade Valentines, permit me to close with a short verse of optimism in the best of Japanese tradition:

Trade friendship blossoms,

Rooted in our shared values,

Garden of Progress.

Thank you, Chair.

The press release issued by the Foreign Office on 1 March 2023.

During the 52nd session of the UN Human Rights Council in Geneva, the UK delivered a statement on the Right to Development.

Thank you Madam Vice President,

Human rights are indivisible, interdependent and, universal. And they are essential to achieving the Sustainable Development Goals. The realisation of human rights underpins sustainable development – they go hand in hand, they are mutually reinforcing – and they are building blocks to achieving inclusive and prosperous societies.

For the United Kingdom, it is clear that the right to development is an obligation of States to ensure individuals are able to enjoy their human rights and have equal opportunity to fulfil their potential. These obligations are already enshrined and clearly set out in the existing human rights treaties. Implementing these existing obligations is the only way to realise the right to development.

Last year, we published our new development strategy that aims to unleash the power of people and countries to take control of their own future. Human rights is at the heart of this – empowering people to stand up for freedom and supporting them to plan for their own sustainable future.

This is a vital year for action, as the world faces multiple crises exacerbated by conflict and climate change. The UK will continue to partner with countries to achieve the collective vision agreed in Agenda 2030. But if we are to succeed, we not only need to step up efforts but must put human rights at the front and centre of them.

Thank you.