UK trade mission to Argentina to strengthen Latin American ties

Industry News | | MIC Customs Solutions |

UK trade and investment minister Lord Price is leading the first British trade mission to Argentina in a decade.

UK ministers are embarking on a trade mission to Argentina to strengthen the country's international trade links with Latin America.

Trade and investment minister Lord Price is leading the first British trade mission to Argentina in ten years, alongside a business delegation of senior executives from sectors including finance, infrastructure, architecture and transport.

This follows a recent meeting between British prime minister David Cameron and his Argentine counterpart Mauricio Macri in Davos in January 2016, and will help the UK to build on its status as one of Argentina's largest trade and investment partners in Europe.

During the visit, Lord Price called for substantial progress on the proposed free trade deal between the EU and the Mercosur bloc of countries, which includes Argentina, Brazil, Paraguay, Uruguay and Venezuela as its full members.

Talks began in 2000, with the potential benefit to the UK economy of such a deal estimated at £2.5 billion (€3.17 billion) per year. Argentina alone represents a market of more than 43 million people, and its government is currently embarking on a reform agenda, potentially opening up a number of opportunities to external businesses in the UK and elsewhere.

This visit to the region comes ahead of the EU and Mercosur exchanging offers in May as they look to progress negotiations, and follows recent ministerial visits to Colombia and Mexico in the last few weeks.

Lord Price said: "If we are to improve our exports to Latin America, it's vital that we not only build stronger trade ties with traditional trading partners like Colombia, but build on renewed relationships like that with Argentina.

"The growing economies of Latin America offer huge opportunity for British business and that's why I want to see real progress on an EU-Mercosur free trade agreement."