Summary of UK Trade Initiatives with Brazil & Argentina
This document outlines new initiatives and strengthened partnerships between the UK and both Brazil and Argentina, aimed at boosting trade and investment. Here’s a breakdown:
Brazil:
* Increased trade: Bilateral trade has reached a record high of £12.3 billion, with potential for notable growth.
* Key Agreements & Negotiations:
* Customs Mutual Assistance Agreement (CMAA): To speed up customs checks, combat fraud, and facilitate legitimate trade.
* Conformity Assessment Mutual Recognition Agreement (MRA): To simplify export regulations and reduce costs for businesses in both countries.
* Authorised Economic Operator (AEO) Mutual Recognition: Faster processing and enhanced security for goods.
* Targeted Partnerships: Focus on customs, good regulatory practices, and export credit.
* Focus Sectors: Clean energy, life sciences, and digital transformation are identified as key areas for growth.
* Government Support: Minister Bryant will meet with UK businesses to address market access barriers in energy, health, finance, and manufacturing.
* Investment Promotion: Efforts to attract Latin American investment into the UK, aligning with the UK’s industrial Strategy.
Argentina:
* Growing Trade (but smaller scale): Trade has grown 10% to £2.2 billion, but Argentina is currently the UK’s 66th largest trading partner. Argentina’s economy is forecast to grow by 5.5% this year.
* key Achievements & Agreements:
* Scotch Whisky GI Recognition: Argentina has granted Geographic Indication (GI) protection to Scotch whisky,the first foreign GI they’ve ever granted,alongside a tariff reduction from 35% to 20%.
* Open Finance Collaboration: Argentina is adopting the UK’s Open Banking model as part of its financial services reforms.
* Ministerial Engagement: First major bilateral ministerial meeting on trade since 2018, with a business roundtable to connect UK businesses with Argentinian decision-makers.
* Shared Economic Goals: Both countries aim to grow their economies, and increased trade is seen as a key driver.
Overall:
The UK is actively working to deepen its trade relationships with both Brazil and Argentina through a combination of new agreements, regulatory cooperation, and targeted support for businesses. The initiatives aim to reduce trade barriers, promote investment, and unlock new commercial opportunities in key sectors.
