Kemi Badenoch, Business and Trade Secretary, signs UK-Italy export and investment partnership to boost UK exports, create jobs, raise wages, and grow the economy.
FREMONT, CA: Last week, Italy and The UK conceded to a momentous trade partnership to uplift UK exports, increase wages, help create jobs and grow the economy. Deputy Prime Minister Antonio Tajani of Italy and Kemi Badenoch MP met in Rome to sign the UK-Italy Export and Investment Promotion Dialogue, the first such agreement between the UK and any EU countries, during Badenoch's first overseas trip as the Business and Trade Secretary.
The partnership aims to promote inward investment, including low-carbon sectors like offshore wind and carbon capture storage, as well as exports in high-performing and expanding future industries like life sciences, digital technology, and IT. The agreement strengthens the United Kingdom's position as an essential trade partner in Europe and the G7. It demonstrates how, as an independent trading nation, the UK can use their position to strike comprehensive trade deals with new markets while strengthening ties with EU members.
According to Bedenoch, this collaboration represents a pivotal turning point in the UK's trade relations with Europe. It demonstrates how an independent UK can gain from forging ambitious trade agreements with the world while also bolstering their already strong and prosperous trading relationships with EU members like Italy.
This relationship will facilitate valued investment, increase commerce, and, most importantly, increase UK exports as it works towards its goal of selling $1 trillion worth of products and services annually to the rest of the globe by the end of the decade. Italy and the UK both rank in the top 10 economies in the world. The value of trade between the UK and Italy is more than £43 billion, ranking it as the 11th largest trading partner of the UK. The two most common UK exports to Italy are vehicles worth £932.5 million, equivalent to 10.1 per cent and mechanical power generators £507.7 million worth. Globally, Italy was the 6th largest source of UK Foreign Direct Investment (FDI) projects in 2020-21.
Along with the Minister for Enterprises and Made in Italy, Adolfo Urso, the Business and Trade Secretary, co-chaired the first UK and Italy CEO Forum during her visit. She spoke about her key trade priorities, which include removing trade barriers, elevating the UK to the indisputable top investment destination in Europe, and luring new investment that will help the nation advance.
