Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask His Majesty's Government what assessment they have made of the (1) prospects of, and (2) benefits from, the proposed UK–Brazil Expanded Trade Partnership.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
The UK is committed to enhancing our bilateral trading partnership with Brazil, an important partner for the UK with whom we traded £6.5bn in the 12 months ending June 2022[1].
For example, the signing of the UK-Brazil Double Taxation Agreement in November 2022 represents a significant step in enhancing our trading relationship across all sectors. When ratified, it will dramatically reduce tax uncertainty in cross-border trade.
We will work with the new administration to agree the best way to progress our relationship, including in areas of shared interest like Digital trade.
[1] GOV.UK. (2022) Trade and Investment Factsheets: Brazil.
Available at https://www.gov.uk/government/statistics/trade-and-investment-factsheets-partner-names-beginning-with-a-or-b
(Accessed: 23 December 2022).
Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask His Majesty's Government what plans they have to offer incentives to UK business and industry to pursue new opportunities in the economy of South America, including clean growth and infrastructure.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
My department is working tirelessly to ensure that the demand for UK expertise in South America’s clean energy transition and infrastructure development is capitalised on.
Recently, the Government supported the development of regulatory frameworks for offshore wind projects in Brazil and Colombia; signed three government-to-government public infrastructure contracts worth £2.5 billion in Peru; and, through UK Export Finance, supported hospital construction and aerospace projects in Brazil and Guyana.
UK businesses working on these projects and more enjoy preferential access under the UK-Andean Countries Free Trade Agreement and UK-Chile Association Agreement, which also benefit those pursuing new opportunities.
Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask His Majesty's Government what assessment they have made of the proposed EU–Mercosur Association Agreement; and what plans they have to apply to join the Agreement.
Answered by Lord Johnson of Lainston - Minister of State (Department for Business and Trade)
The UK has no plans to join the EU’s Association Agreement with Mercosur as our approach is to negotiate our own trade agreements using our freedom outside of the EU.
We are monitoring the progress of EU-Mercosur talks. They reached agreement in principle on a deal in 2019 but the agreement is not yet ratified.
The Mercosur countries are important markets for the UK and we are committed to strengthening our trading relationship.
A recent demonstration of that commitment was the signing of a Double Taxation Agreement with Brazil in November. When ratified, the agreement will dramatically reduce tax uncertainty in cross-border trade.
Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have to lead new initiatives to sustain (1) trade, and (2) economic growth, in (a) Bosnia and Herzegovina, and (b) the Western Balkans.
Answered by Lord Grimstone of Boscobel
The Government has signed Trade, Partnership and Cooperation Agreements with Serbia, North Macedonia, Kosovo and Albania, supporting jobs and economic growth, allowing us to build on our trade and investment relationships. UK Export Finance is also an important part of our offer to the region, providing competitive financing for large infrastructure projects.
With Bosnia and Herzegovina, we are working to secure a Partnership, Trade and Cooperation Agreement that will ensure preferential terms of trade between the UK and Bosnia and Herzegovina and promote stability and prosperity in the region. We are keen to conclude this as soon as possible.
Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty's Government what plans they have, along with local authorities, (1) to promote, and (2) to further enable, international partnerships with Council of Europe member states, as part of their future international trading strategy.
Answered by Lord Grimstone of Boscobel
The Department for International Trade develops and maintains close links across the United Kingdom on trade and investment objectives. We support businesses to seize opportunities worldwide through our network of British High Commissions, Embassies and Consulates in countries that are members of the Council of Europe.
In addition, we seek to identify and remove market access barriers, drive inward investment, and implement the United Kingdom’s trade agreements to promote and enable bilateral trade with countries around the globe, including with members of the Council of Europe.
Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty’s Government what steps they are taking to promote trade between the UK and Bosnia and Herzegovina.
Answered by Lord Price
According to the latest data from the FCO Economics Unit (2015), UK exports (goods and services) to Bosnia and Herzegovina were £57 million with UK imports reaching £53 million in 2015. (Data for 2016 will be published in April). In FY 2017/18 the HMG team based in Sarajevo will continue to promote trade opportunities across the mining, oil and gas, retail, infrastructure and security sectors which will include a series of tailored events in Bosnia and Herzegovina, the UK and across the wider Central and Eastern European region.
Asked by: Earl of Dundee (Conservative - Excepted Hereditary)
Question to the Department for International Trade:
To ask Her Majesty’s Government what assessment they have made of economic opportunities for British business for investment and partnership in Bosnia and Herzegovina.
Answered by Lord Price
There are a number of economic opportunities in Bosnia and Herzegovina for UK investors, with software development, mining and oil exploration identified as particular sectors of opportunity. However, HMG also recognises that for more investment to succeed Bosnia and Herzegovina needs to make significant improvements to its business environment, including tackling excess regulation and increasing transparency around public procurement and licensing. The UK is funding projects to improve the business environment by simplifying the process of setting up a business and moving to a 'one-stop' shop system.