THE BUSINESS OF INTERNATIONAL TRADE
Last week, the Minister for International Trade, Ranil Jayawardena MP, conducted a video call with his Chilean counterpart ahead of the introduction of the United Kingdom-Chile Association Agreement which comes into force from December 31, 2020.
During the call, the Ministers discussed the impact of Covid-19 on the Chilean and British economies, highlighting the importance of free trade in the supply of PPE and medicines. The two nations are planning on hosting a joint event in the coming weeks on the financing of vaccine distribution via COVAX, the collaborative facility which aims to offer improved global access to coronavirus knowledge, vaccines and equipment.
The Ministers also discussed the upcoming Association Agreement between the UK and Chile. The two agreed to work closely together on a political and a technical level to ensure the smooth continuation of trade between the two nations. Specific areas which were discussed for particular attention include Agribusiness, the Green Economy, Infrastructure, Financial Services and Life Sciences.
Chile, which was the first nation to sign a trade continuation agreement with the UK, are also advocating for the United Kingdom's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Chile, as a founding member of CPTPP, said the UK's accession would bring further trade opportunities for both nations.
Finally, the two Ministers discussed the World Trade Organisation, agreeing on the importance of rules governing international trade, and highlighting the value of free and open trade.
Further details on the UK-Chile Association Agreement which comes into force at the end of 2020 can be found at www.gov.uk/government/collections/uk-chile-association-agreement.
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