East Midlands to benefit from recent trade deals
Top job creators in the East Midland’s thriving aerospace industry are set to benefit from new trade deals with the US and India.
- Prime Minister to meet with the Mayor of the East Midlands Claire Ward to discuss the benefits of his recent trade deals.
- Comes as we’ve nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
- Boost for job creators including region’s aerospace industry that employs more than 23,000 people.
Top job creators in the East Midland’s thriving aerospace industry are set to benefit from new trade deals with the US and India.
Reducing India’s tariffs on machinery, reducing the US tariff on cars and removing American tariffs on UK aerospace will support employers with a significant presence in the region like Rolls Royce.
This also means long-term stability for 23,000 employed in the sector and security for their families, which is a cornerstone of our Plan for Change.
Prime Minister Keir Starmer said:
The trade deals that we have closed delivers stability for the aerospace sector in the East Midlands that employs 23,000 people.
It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people’s lives.
These changes will be felt everywhere, whether it’s lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across the East Midlands.
More than 30,000 people employed in agriculture across the East Midlands are set to benefit from our deal with the EU. It means less checks and red tape, meaning farmers and producers who grow food across the region now have easy access to the EU – the UK’s biggest trading partner.
The agreement also protects British steel exports from EU rules and restrictive tariffs, further supporting 2,010 people working in the steel industry across the East Midlands.
Last year, 740 businesses in the East Midlands exported £308 million in good to India. The Free Trade Deal agreed on 6 May opens up new opportunities for fashion brands in the East Midlands to grow their business in India with zero duties on imports.
The Prime Minister will tell the English Mayors and the Leaders from the Devolved Governments at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people’s lives at home.
He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.
Business and Trade Secretary Jonathan Reynolds said:
The three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.
We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in the East Midlands, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.
Under the Free Trade Deal that was concluded, the barriers to trading have been dropped, with India agreeing to reduce tariffs on products including advanced machinery and aerospace and medical devices that are made in the East Midlands.
Based on 2022 trade alone, this amounts to India cutting tariffs worth over £400 million when the deal comes into force, which will more than double to around £900 million after 10 years.
Just this week the Prime Minister acted in the national interest by confirming a new agreement with the EU that will deliver on our core mission to grow the economy, creating more jobs in Hull and East Yorkshire and putting more money in people’s pockets.
At today’s meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.