{"id":87043,"date":"2017-12-06T08:32:54","date_gmt":"2017-12-06T08:32:54","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=017ef38e84d50349e59598ae3ccd115d"},"modified":"2017-12-06T08:32:54","modified_gmt":"2017-12-06T08:32:54","slug":"press-release-trade-policy-minister-sets-out-future-uk-africa-trading-relationship-2","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=87043","title":{"rendered":"Press release: Trade policy minister sets out future UK-Africa trading relationship"},"content":{"rendered":"
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Speaking to the Africa All Party Parliamentary Group (APPG) meeting on Wednesday 5 December, Mr Hands said the government wants a thriving trade relationship with Africa that benefits all. He also outlined what the Trade Bill and the Taxation Bill mean for the UK\u2019s future trade with the continent.<\/p>\n

Bilateral trade between the UK and Africa totalled \u00a328.7 billion in 2016, and the government places tremendous importance on strengthening our economic ties with the continent. No country has achieved long term growth, stability and poverty reduction without embracing trade and in turn, these economies represent our trading partners of the future.<\/p>\n

Minister for Trade Policy, Greg Hands, said:<\/p>\n

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The UK enjoys strong trading relationships with many developing countries including in Africa and I am a strong believer that free and fair trade has been the greatest liberator of the world\u2019s poor.<\/p>\n

We must build new economic relationships that are mutually beneficial to both the UK and, crucially, to developing countries and their citizens. As we leave the EU, we will build and strengthen ties between British and African businesses and help turn the UK into Africa\u2019s trading partner of choice.<\/p>\n

The potential is exciting and we must endeavour to make it happen.<\/p>\n<\/blockquote>\n

The UK imported \u00a312.7 billion in goods and services from Africa in 2016. As a leading voice in support of free trade as a tool for economic development, the Taxation (Cross-Border Trade) Bill<\/a> was introduced last month and will enable the UK to put in place a trade preferences scheme for developing countries as we leave the EU. This will, as a minimum, provide the same level of access as the current EU trade preference scheme and will maintain tariff free access for the world\u2019s least developed countries and continue to offer generous tariff reductions to around 25 other developing countries.<\/p>\n

We have also introduced the Trade Bill<\/a>, which will allow us to replicate the effects of the \u2018Economic Partnership Arrangements\u2019 \u2013 development focused trade deals with Africa, Caribbean and Pacific countries which will minimise disruption to current trading arrangements.<\/p>\n

The Department for International Trade (DIT) is going further still with a renewed focus on outward direct investment into Africa, and is significantly increasing UK export finance to encourage businesses to take full advantage of the investment opportunities in these growing markets.<\/p>\n

Most recently, International Trade Secretary – Dr Liam Fox – visited Uganda and Ethiopia with a business delegation to explore new opportunities for trade and investment in these markets. Whilst on the visit he confirmed the completion of the largest ever loan of \u00a3215m to an African government by the UK\u2019s export credit agency, UK Export Finance, for the construction of a new international airport in Uganda which will create over 800 local jobs.<\/p>\n

Further information<\/p>\n