West Yorkshire to benefit from recent trade deals
The three trade deals that we have struck in three weeks will benefit manufacturing that employs nearly 10% of all people in West Yorkshire.
- Prime Minister to meet with the Mayor of West Yorkshire Tracy Brabin 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.
- The deals benefit local manufacturing which employs nearly 10% of people in the region.
The three trade deals that we have struck in three weeks will benefit manufacturing that employs nearly 10% of all people in West Yorkshire.
Reducing India’s tariffs on machinery, slashing tariffs on car exports in both deals and our agreement with the US to remove the 25% tariff on steel provides stability for the biggest employers in the region like Hitachi, Bombardier and Siemens.
This means greater job security for workers, stronger economic growth to create more jobs and higher living standards across West Yorkshire.
Prime Minister Keir Starmer said:
The trade deals that we have closed delivers stability for manufacturing in West Yorkshire that employs 10% of people in the region.
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 people’s lives across West Yorkshire.
Over 31,000 people employed in agriculture across the region will also benefit from our agreement with the EU. It will reduce checks and red tape, meaning regional specialties like crab, Yorkshire Pudding and cheeses will face easy access to the UK’s biggest trading market.
The agreement also protects British steel exports from new EU rules and restrictive, providing further security for 8,400 jobs in the steel industry across Yorkshire and the Humber.
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 West Yorkshire, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.
Our increased trade with India will unlock opportunities for every region in the UK to access the world’s fastest growing economy, including West Yorkshire. Aeroservices, a leading global player in the aviation industry headquartered in Leeds, has also praised the India trade deal, which will enable them to level up the office they opened in Bangalore back in 2022.
Under the Free Trade Deal that was concluded, India has agreed to reduce tariffs on products including machinery, enhancing the region’s renowned engineering sector.
Based on 2022 trade alone, India will cut tariffs worth over £400 million when the deal comes into force, which will more than double to around £900 million after 10 years.
Formed in 1824, Group Rhodes designs and manufactures advanced metal, heavy ceramic and composite forming machinery.
Mark Ridgway, CEO of Group Rhodes, said:
As a manufacturer of advanced metalforming machinery used in the forming and lightweighting of aircraft, India is a strong market for Group Rhodes and offers significant growth potential.
The recent UK-India trade deal not only sets the scene for reduced tariffs on machinery but also serves to both enhance our competitiveness as a UK exporter and reduce the complexity of trade with this fast-growing market.
In another win for a historic part of the West Yorkshire economy, India has committed to reducing tariffs on UK textiles – that will give local firms access to India’s booming middle class.
In the same week, we negotiated the first of its kind agreement with the US that will reduce tariffs on UK car exports and remove tariffs on steel, protecting two key industries in the region that employ thousands of people.
The US deal also contains provisions to streamline custom rules on textiles and clothes made in West Yorkshire, making it easier for small and medium sized businesses to enter the US market.
Just this week, the Prime Minister confirmed a new agreement with the European Union that will deliver on his core mission to grow the economy, create more jobs in West Yorkshire, raising living standards and put 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.