Businesses set to be protected from Argentinian economic coercion
Businesses investing in the Falklands Islands are set to be protected from Argentinian domestic measures targeting companies and individuals involved in lawful economic activity
- UK Government to introduce new protective measures in response to Argentine domestic measures targeting activity linked to the Falkland Islands
- New measures will protect UK businesses and individuals from extraterritorial Argentine domestic measures
- UK reaffirms support for the Falkland Islanders’ right to self-determination and economic development
Businesses investing in the Falklands Islands are set to be protected from Argentinian domestic measures targeting companies and individuals involved in lawful economic activity.
It comes as the government is preparing measures under Protection of Trading Interests (PTI) legislation underlining that the UK won’t hesitate to protect UK businesses and individuals.
The measures will protect businesses from pressure to comply with Argentine domestic measures and ensure that UK persons and companies engaged in lawful activity around the Falkland Islands can and will continue to make commercial decisions in accordance with UK law.
The purpose of these measures is not to restrict lawful commercial activity by UK or UK-based companies with Argentina, but to protect them from being compelled to comply with extraterritorial measures targeting lawful activity connected to the Falkland Islands.
The Government is engaging closely with affected businesses to offer support.
The UK supports the right of the Falkland Islanders to develop their natural resources for their own economic benefit. Decisions on economic development in the Falkland Islands are matters for the Falkland Islands Government and the companies involved.
Secretary of State for Business and Trade Jonathan Reynolds said:
This makes it clear in no uncertain terms - that this Government will act where Argentina seeks to impede lawful UK commercial activity.
We will introduce measures under the Protection of Trading Interests (PTI) legislation to protect UK interests and continue to engage closely with affected businesses.
These steps send a clear signal that we will not stand by while Argentina seeks to apply their domestic legislation to impede legitimate commercial interests in the Falkland Islands.
Foreign Secretary Ed Miliband said:
The UK’s support for the Falkland Islands is steadfast.
Argentina’s attempts to intimidate businesses and individuals engaged in legitimate commercial activity are unacceptable. Companies should be free to make lawful commercial decisions without the threat of political coercion.
We will always stand up for the Falkland Islanders, their right to determine their own future, and their right to pursue legitimate economic development.
Today’s announcement demonstrates that the UK Government is prepared to take concrete action in response to attempts by Argentina to coerce businesses engaged in lawful activity.
This Government will continue to stand shoulder-to-shoulder with the Falkland Islands Government and the Falkland Islanders, and to engage with affected businesses. It will continue to consider all available options to protect UK interests and support the Falkland Islanders.
Notes to Editors
- Protection of Trading Interests legislation prevents UK persons from complying with specific extraterritorial sanctions measures.
- The government will bring forward secondary legislation as quickly as possible, with the aim to bring it into force before the end of the year.
- These measures will target only Argentinian extraterritorial measures affecting the Falkland Islands.