In a further effort to strengthen its global bilateral trade and investment relationships in a post-Brexit world, the UK has opened discussions with three countries in South America.
Colombia, Ecuador and Peru are the focus of what the Department for International Trade (DIT) is calling a new “trade dialogue”.
Speaking in Lima, Peru, Trade Policy Minister Greg Hands said that the UK is activating new trade dialogues to provide continuity with emerging markets in Latin America.
“We want continuing access for export opportunities for British businesses,” he explained.
Mr Hands also took the opportunity to announce that UK Export Finance (UKEF), the UK’s export credit agency, will double financial support for UK-Peru trade. UKEF will now provide up to £4 billion of financing to UK exporters and buyers of UK goods and services in Peru.
On behalf of Peru, Eduardo Ferreyros, Minister for Trade and Tourism, stressed the importance of the UK as a partner in Europe, saying that he looked forward to boosting trade and investment ties as new opportunities arise for businesses.
Similar sentiments were expressed by the UK’s Minister for Investment, Mark Garnier.
Following a meeting with Ecuador’s Minister for External Trade, Pablo Campana, Mr Garnier said: “The economies of Latin America have already seen steady growth. We want UK companies to take advantage of the opportunities.”
In 2015, total trade in goods and services between the UK and all South American countries totalled £12.4 billion. The UK’s biggest exports to the region include spirits, cars and medical equipment; among the most significant imports are coffee, nuts and fruit.
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