Secretary of State for Wales Alun Cairns is to host a roundtable with International Trade Secretary Dr Liam Fox and leading dairy businesses today (27 October) to discuss future trade opportunities once we leave the EU.
Wales continues to be a hub for global investment, with latest statistics showing the number of jobs in Wales either created or safeguarded as a result of Foreign Direct Investment projects rising to 11,000 in the last year, up from 7,000 in 2015/16.
And Wales exported £14.6bn worth of goods in 2016, up 10.4% from £13.3bn in 2015, with growing non-EU markets including UAE, Canada, Turkey and China all featuring in its top 15 export destinations.
Secretary of State for Wales, Alun Cairns said:
Wales is an ambitious outward-looking nation. Our country is home to some of the most innovative and exciting companies and products in Wales are sold right around the globe.
As part of the United Kingdom, Wales benefits from the economic security and international influence that comes from pooling our resources.
The UK Government is ready to support Welsh businesses to take advantage of every opportunity available to them to grow and expand into new markets.
International Trade Secretary, Dr Liam Fox also said:
The Department for International Trade is committed to helping Welsh businesses boost exports, find new markets and showcase their international reputation for excellence, from agriculture to aerospace.
As an international economic department we will also continue to build on the impressive increase in Welsh jobs backed by Foreign Direct Investment, and support key sectors like the Welsh dairy industry. We will continue to work closely with the Welsh Government to design a future trade policy in the national interest of the whole UK.
Trade White Paper
The Trade White Paper published by the Department for International Trade establishes the principles that will guide future UK trade policy as well as laying out the practical steps that will support those aims. These include:
Taking steps to enable the UK to maintain the benefits of the World Trade Organisation’s Government Procurement Agreement.
Ensuring the UK can support developing economies by continuing to give them preferential access to UK markets.
Preparing to bring across into UK law existing trade agreements between EU and non-EU countries, providing certainty to businesses and global investors.
And creating a new, UK trade remedies investigating authority
Feedback from businesses can be sent to email@example.com by 6 November.
- Latest statistics show over the last 12 months the UK secured more foreign direct investment projects than ever before, UK exports have increased 13.1% on the previous 12 months in the year to August 2017 and the current account deficit narrowed to £101.3 billion in the year to 2017 Q2, from £113.8 billion in the year to 2016 Q2.
- In 2016/17 Wales welcomed 85 Foreign Direct Investment projects creating or safeguarding over 11,000 jobs.
- Wales exported £14.6bn worth of goods in 2016.
- While Europe is a key market for Wales, non-EU countries including UAE, Canada, Turkey and China all feature in the top 15 destinations for Welsh exports of goods with the USA remaining Wales’ largest export market for goods.
- The UK Government has developed the Wales Export Guide – a document that sets out the full range of support available to Welsh businesses from the UK Government and contains inspiring stories of companies based in Wales that are successfully exporting.
- You can download a copy of the guide here