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Trade Minister in Peru and Colombia to boost trade with Latin America
International Trade Minister kicks off a multi-state visit to Peru and Colombia to meet counterparts and push forward action to resolve trade barriers.
- Trade Minister Nigel Huddleston visits Peru and Colombia to strengthen trade ties with Latin America
- Comes as the UK resolved over a billion pounds worth of trade barriers stopping UK businesses from exporting to Latin America last year
- Discussions with investors planned to explore new opportunities arising from UK’s accession to the Indo-Pacific trade bloc
International Trade Minister Nigel Huddleston has today kicked off a multi-state visit to Peru and Colombia to meet counterparts and push forward action to resolve trade barriers.
The Minister will also announce new measures to ease regulation for British pharmaceutical companies in Colombia. Cutting red tape for some of the UK’s most innovative companies will unlock a multi-million-pound market while additionally helping the country access essential products such as medicines and medical devices.
The visits come as new figures show the UK has resolved around £1.3 billion worth of trade barriers that have been preventing UK businesses from exporting their goods and services to the Latin America and the Caribbean region in the last financial year.
The region represents 8% of the global population and its economy was estimated at £4.7 trillion in 2022. It is projected to rise to over £8 trillion in 2035, contributing to 5.2% of global GDP. It poses an exciting opportunity for UK businesses to build on our £40 billion trading relationship as its economies continue to open up and grow.
Speaking ahead of the visit, International Trade Minister Nigel Huddleston said:
Latin America presents incredible opportunities for British businesses, and we aim to put them at the front of the queue by making it easier to sell and establish a presence in countries like Colombia and Peru.
Through our trade dialogues, CPTPP membership and unlocking even more trade barriers, we are creating fresh possibilities for UK companies to export their top-notch goods and services around the world.
Minister Huddleston is expected to use his visit to advance discussions on trade barriers across a range of sectors, including:
- Increased flexibility for the emerging green hydrogen market in Colombia, allowing world-leading UK hydrogen companies to be at the forefront of hydrogen deployment in Colombia.
- Stopping companies from being taxed twice via a Double Taxation Agreement, improving conditions for UK businesses and increasing Peru’s investment potential, with a potential worth of around £55 million
- Exploring options to remove Peru’s discriminatory tax treatment of imported spirits, such as Scotch Whisky, compared to locally produced ones, potentially worth around £55 million.
The Minister will also meet with potential investors and private sector representatives in Peru to explore new investment and trade opportunities that have opened since the UK signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this summer.
Earlier this year, Business and Trade Secretary Kemi Badenoch made the removal of trade barriers one of her top priorities, aiming to resolve 100 priority trade barriers around the world and unlock export opportunities worth around £20 billion for UK businesses.
Removing trade barriers is a proven catalyst for increased exports economic growth and more jobs and being an independent trading nation has given us greater autonomy to tackle barriers facing UK businesses.
Scotch Whisky Association International Director Ian McKendrick said:
The SWA works around the world to ensure the Scotch Whisky industry can compete on a level playing field with other alcoholic products. We value the work of the Department of Business and Trade to fight tax discrimination, and the support the Minister is giving to our efforts in Peru.
Scotch Whisky has faced tax discrimination in Peru versus domestically produced spirits for almost two decades, in contravention of WTO rules. This discrimination creates the conditions for counterfeit alcohol and smuggling in a black market which costs the Peruvian government more than $70m annually. Addressing this is a priority for the Scotch Whisky industry, where Peru and other South American markets have the potential to further increase the industry’s global export footprint.