North East of England to benefit from recent trade deals
Top job creators in the North East of England’s automotive industry are set to benefit from new trade deals with India and the US that slashes tariffs and boosts access to the world’s fastest growing economy.
- Prime Minister to meet with the Mayor of North East England Kim McGuiness 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 top job creators and delivers long term security for 14,000 workers employed in the automotive industry locally.
Top job creators in the North East of England’s automotive industry are set to benefit from new trade deals with India and the US that slashes tariffs and boosts access to the world’s fastest growing economy.
This means long-term stability for 14,000 people employed in the sector and security for their families.
It will also deliver opportunities for major job creators in the region like Nissan, Hitachi and Caterpillar to grow – the first priority of our Plan for Change.
Prime Minister Keir Starmer said:
These trade deals that we have closed delivers stability for the 14,000 workers employed in the automotive manufacturing in the North East. 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 North East Combined Authority.
10,123 people employed in agriculture across the North East are also set to benefit from our trade 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.
This deal also protects British steel exports from new rules and restrictive tariffs, helping to protect 3,050 people working in the steel industry across the North East.
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 North East, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.
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.
The benefits of the India deal for local businesses and workers have been praised by Professor Carl Stephen Patrick Hunter, Chairman of Coltraco Ultrasonics Limited & Director General of The Durham Institute of Research, Development & Innovation.
Professor Carl Stephen Patrick Hunter OBE said:
Coltraco Ultrasonics is strongly supportive of the India Free Trade Agrement and proud to have modestly contributed to and advising the British negotiating team on various chapters. The UK private sector can now, because of the India FTA, the Windsor Framework CPTPP, and a variety of other UK FTAs, look out to the world, balancing our exporting and investment opportunities between the USA, the EU and Asia Pacific. It is a tremendous success and we thank British and Indian Civil Servants for their public service in the UK-India FTA.
Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing economy, including the North East.
Under the Free Trade Deal that was concluded, tariffs on cars sold to India will come down from over 100% to 10% under a quota.
In the same week, we negotiated a first of its kind agreement with the US that will reduce tariffs on car exports to 10% for the first 100,000 vehicles per year, almost the total number of UK vehicles exported to the country last year.
Just this week, the Prime Minister acted in the national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, creating more jobs in the North East, raising living standards 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.