International trade minister visits Panama, Costa Rica and the USA
Minister for Trade Policy, George Hollingbery, builds on strong trade links with the Americas.
Minister for Trade Policy, George Hollingbery.
International Trade Minister, George Hollingbery, travels to Panama and Costa Rica this week (Monday 30 July to Wednesday 1 August), where he will look to build on progress made in securing continuity in the UK鈥檚 existing trade agreement with the Central American nations. Minister Hollingbery will also announce that the UK government has doubled the support available from UK Export Finance for UK-Costa Rica trade to up to 拢1.25 billion.
The minister will then travel to the US states of Georgia and Indiana (Wednesday 1 August to Friday 3 August) where he will build on the UK鈥檚 already strong trade and investment relationship, updating businesses on the UK鈥檚 plans for an independent trade policy as the 2 countries look ahead to a future free trade agreement.
Central America
While in Panama, the International Trade Minister will meet with the Panamanian Minister of Trade and Investment, Augusto Arosemena, where the 2 will reconfirm their commitment to continuity of the EU-Central America Association Agreement (EUCAAA). The meeting follows the successful visit of Panamanian President Varela to the UK in May this year, where he expressed his country鈥檚 firm support for the swift ratification of a continuity agreement.
The minister will also visit the iconic Panama Canal to explore opportunities around the canal鈥檚 diversification strategy, followed by a discussion with the Minister for Finance, Eyda Varela de Chinchilla and financial services regulators to learn how Panama is advancing its financial services sector.
Going on to Costa Rica, the Minister will meet with Vice-President and Foreign Affairs Minister, Epsy Campbell and Foreign Trade Minister, Dyal谩 Jim茅nez to make clear the UK鈥檚 commitment to continued trade with Costa Rica and to discuss the smooth transition of the EU-CAAA as the UK leaves the EU.
The 2 Central American nations are crucial to the UK鈥檚 ties with the region. Panama, the fastest growing country in Latin America, had total trade with the UK worth 拢242 million in 2016. Meanwhile, trade between the UK and Costa Rica was worth 拢311 million in 2017, a 13% increase on the previous year.
The USA
Minister Hollingbery鈥檚 visit to the USA follows the recent launch by International Trade Secretary, Liam Fox, of the first with the UK鈥檚 largest single trading partner.
The minister will travel to Atlanta, Georgia and Indianapolis, Indiana where he will update key local businesses and decision makers on the UK鈥檚 independent trade policy. In Atlanta, these will include Coca-Cola and UPS as well as leading fintech firms, while in Indianapolis key meetings include Rolls-Royce, Congressman Andr茅 Carson and Governor of Indiana, Eric Holcomb.
At the heart of these meetings will be the UK鈥檚 unwavering commitment to a mutually beneficial trade agreement with the US post-Brexit, ensuring free and fair trade continues to flow between our 2 nations.
The UK already has a large investment presence in the US. For example, online clothing retailer ASOS plans a brand new e-commerce fulfilment centre in Georgia, a state where the UK is currently the seventh largest trading partner. The UK also supports around 10,000 jobs in Indiana, and is the second largest foreign investor in the state.
Trade between the UK and USA was worth 拢182.7 billion in Q1 this year, up 4% on the same quarter in 2017. UK exports to the US were up 4.9% to 拢113 billion in the same year.
On a recent visit to the UK, US President Donald Trump and Prime Minister Theresa May made clear their ongoing commitment to a close and prosperous future trading relationship.
International Trade Minister George Hollingbery said:
I鈥檓 delighted to be travelling across the US and Central America this week, building on our already strong trade and investment relationship with the US as well as ensuring continuity in our existing agreement with the Central America Association.
Our trade with Panama was worth 拢242 million in 2016, and with Costa Rica, 拢311 million last year. Meanwhile, trade with the USA was worth more than 拢182 billion at the start of this year.
As the UK leaves the EU, we have the perfect opportunity to work more closely with partners across the globe and I look forward to meeting with counterparts in Panama, Costa Rica and the United States to set out what that bright trading future might look like.