Business & Trade Secretary Shares New Priorities for Trade Negotiations
12 August 2024
The UK’s Business and Trade Secretary Jonathan Reynolds has put the Gulf Cooperation Council, India, Israel, South Korea, Switzerland and Turkey at the top of his trade negotiation priority list.
Aiming to restart talks soon, he said:
“Boosting trade abroad is essential to deliver a strong economy at home. That’s why I’ve wasted no time taking stock of progress and getting ready to press on with trade talks with our international partners.
“From the Gulf to India, our trade programme is ambitious and plays to the UK’s strengths to give British businesses access to some of the most exciting economies in the world.
“Our teams will be entering negotiating rooms as soon as possible, laser-focused on creating new opportunities for UK firms so they can support jobs across the country and deliver the growth we desperately need.”
The UK and GCC nations invested at least £19 billion in each other’s economies by 2021, according to government estimates, and a free trade agreement would smooth the way for even greater access to the GCC’s fast-growing markets.
Opportunities for growth
The announcement was met positively by industry leaders, as well as British Chambers of Commerce.
Tata Sons chairman Natarajan Chandrasekaran responded:
“I am delighted that the new government has moved so quickly to restart trade negotiations with India. As one of the largest international investors in the UK, the Tata Group supports any action that strengthens the British economy. And as two of the world’s greatest trading nations with deep historical ties, India and the UK should be close economic partners, to the benefit of the citizens and businesses of both countries.”
Chamber International will hold the latest in its programme of market-focussed export seminars this month. Shipping to Egypt: What you need to know will take place on 20 August, and Shipping to the UAE, Saudi Arabia and Qatar on 27 August. These events, are designed to help UK businesses understand best practice, and how to comply with requirements and maximise profits in these target markets.
Exporters should stay attentive to political developments in the Middle East, noting any new sanctions that may be announced. Contact Chamber International’s in-house customs compliance experts, whose “customs health check” service identifies potential issues in advance, and advises the best steps to take in order not to foul of export controls.
Follow Chamber International on Twitter @ChamberInt and on Facebook for the latest in international trade.
