UK eyes new trade prize with £1bn worth of barriers smashed in South America

Badenoch hails CPTPP trade deal

International Trade Minister Nigel Huddleston kicks off a visit today to Peru and Colombia to boost ties with Latin America.

Mr Huddleston will hold talks with counterparts aimed at resolving trade barriers with the region across a range of sectors.

It comes as new figures from the Department for Business and Trade show the UK smashed around £1.3billion of trade barriers preventing businesses from exporting goods and services to Latin America and the Caribbean in the last financial year.

Speaking ahead of the visit, Mr 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, Comprehensive and Progressive Agreement for Trans-Pacific Partnership (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.”

Mr Huddleston will meet potential investors and private sector representatives in Peru to explore new opportunities arising from Britain’s accession to the bumper CPTPP Indo-Pacific trade bloc.

He will use talks with counterparts to advance discussions on breaking down trade barriers including more flexibility for the emerging green hydrogen market in Colombia and removing Peru’s discriminatory tax treatment of imported spirits.

He is also set to unveil new measures to slash red tape for British pharmaceutical companies in Colombia.

The Latin America and Caribbean region represents eight percent of the global population and its economy was estimated at £4.7trillion in 2022.

It is projected to rise to over £8trillion in 2035, contributing to 5.2 percent of global gross domestic product (GDP).

It comes as Business and Trade Secretary Kemi Badenoch has made the removal of trade barriers one of her top priorities.

Ms Badenoch aims to unlock export opportunities worth around £20billion for UK businesses.

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