Tag: TRADE

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India-Russia trade set to cross $30bn by 2023

As Russia’s trade with the European Union slows down in the wake of the sanctions Moscow’s imports from India will rise as well as it looks at alternative sources, reports Mahua Venkatesh

Bilateral trade between India and Russia is all set to exceed $30 billion in the next one year– much before the 2025 target. Trade between the two countries driven by fuel and fertiliser, this financial year –beginning April—is estimated to have touched around $9 billion. However, importantly it is now expanding rapidly even in the non fuel segment.

As Russia’s trade with the European Union slows down in the wake of the sanctions Moscow’s imports from India will rise as well as it looks at alternative sources.

Russia has now also legalized parallel imports—goods that are sourced from and sold outside of the brand’s authorized distribution channels.

According to Russia Briefing, while the West has barred Russia from receiving imported luxury brands for example, countries such as India are developing a middle-man route and savvy entrepreneurs and dealers are buying Western goods and reselling them to Russian consumers. “These include everything from air-conditioner units and iphones to Bentley automobiles,” it said.

“With sanctions, Russia is gradually looking to expand its imports from India.. Indian exporters have started getting orders,” Ajay Sahai, director general and CEO, Federation of Indian Export Organisations (FIEO) told India Narrative.

Russia’s oil exports

While India has come under the spotlight for continuing trade with Russia data has shown that despite sanctions, Russian oil has been flowing into countries such as the Netherlands and Italy as well. Russian oil sales have continued to boom even in October.

According to Kpler data Russia’s average crude exports jumped 12 per cent compared to the eight months prior to Moscow’s Ukraine invasion.

“There are ways to circumvent sanctions..the increase in Russian oil exports cannot be only because of India and China,” an analyst explained. Iran has been using such a mechanism for years to trade its oil in the European market.

“If the G7 decided to toughen up its sanctions against Russian oil exports, then Moscow and Tehran could agree to a swap deal of one sort or another that would see Russian oil go to anywhere that Iran needed it, with a compensatory amount of ‘Iraqi’ (read ‘Iranian’) oil going to wherever Russia wanted, as Iraq oil is not under any sanctions,” Oilprice.com said.

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Britain prioritising India trade deal, says Cleverly   

James Cleverly said after a meeting with his Indian counterpart S. Jaishankar in New Delhi that ties between the two countries would improve further under Rishi Sunak…reports Asian Lite News

Britain is prioritising reaching a free-trade agreement with India, its foreign minister told Reuters on Saturday in his first visit to the country, but declined to give a new deadline after missing one this month.

James Cleverly said after a meeting with his Indian counterpart S. Jaishankar in New Delhi that ties between the two countries would improve further under Rishi Sunak, who this week became Britain’s first prime minister with Indian roots.

“I had a fantastic opportunity to talk about some incredibly important global issues, but also to talk about the strength of the bilateral partnership and about our plans to work more closely with India,” Cleverly said in an interview at the residence of the British High Commissioner.

He declined to say what was holding up the trade deal, which both of Sunak’s predecessors in a turbulent few months in British politics, Boris Johnson and Liz Truss, had hoped would be signed by Monday’s festival of Diwali.

Cleverly also declined to say whether it could be finalised this year.

“But this is an important agreement for us and one that we are really prioritising and one that we will continue to ensure that our officials and our ministers speak about regularly and work hard to deliver,” he said.

“We’ve got a lot of work done. And it’s incredibly important that we remember that an extensive free trade agreement like the one we’re negotiating, it’s never going to be simple, but it’s an incredibly important vehicle to build on our already strong relationship and to make it really future-focused.”

Previous sticking points included a steep import duty on British whiskey for sale in India. New Delhi is also keen on easier British visa for Indians.

Cleverly said “we want to make sure that our visa arrangements are quick and are easy, convenient”.

The countries want to double bilateral trade by 2030, from more than $31 billion now.

Asked about a G7 plan to cap Russian oil prices and its bid to get countries such as India to agree to it, Cleverly said Britain would not set New Delhi’s foreign policy. India and Russia have close defence ties and India has become a big buyer of Russian oil since the Ukraine war started.

“I don’t think it would be right for me as a British politician to dictate policy to another country,” he said.

Jaishankar meets Cleverly

The Ukraine conflict and the situation in Indo-Pacific figured prominently in talks between External Affairs Minister S Jaishankar and visiting British Foreign Secretary James Cleverly.

Cleverly arrived in India on Friday on a two-day visit primarily to attend a special meeting of the UN Security Council Counter Terrorism Committee. “Delighted to welcome UK Foreign Secretary @JamesCleverly on his first India visit; shortly after our meeting in New York last month,” Jaishankar tweeted.

“Noted the progress in our Roadmap 2030. Also discussed the Ukraine conflict and the Indo-Pacific,” he added.

It is the first visit by a top-ranking official from Britain after Rishi Sunak took charge as the UK’s first Indian-origin prime minister on Tuesday.

During the visit, the British foreign secretary announced further collaboration between the UK and India through British International Investment.

This included 11 million Pound of UK funding invested in Kinara Capital, a woman-led fintech company, according to the British High Commission.

British International Investment is designed to strengthen trade ties with the UK’s partners and generate economic growth.

The high commission said Cleverly also announced a 22 million pounds investment by the UK-backed Neev II Fund into Hygenco which will help India’s green energy transition by pioneering green hydrogen.

India hosted the meeting of the UN Security Council Counter Terrorism Committee in its capacity as its chair.

While the first day’s meeting took place in Mumbai on Friday, second day’s deliberations were in Delhi on Saturday. 

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Russia-India trade more than doubles this year

The Summit will take place on Thursday and Friday in the Uzbek city of Samarkand…reports Asian Lite News

Ahead of the Shanghai Cooperation Organization (SCO) Summit this week where Russian President Vladimir Putin will meet Indian Prime Minister Narendra Modi on the sidelines, the Kremlin said that trade turnover between New Delhi and Moscow has soared nearly 120 per cent so far this year.

“Our relations are actively developing, the trade has also increased significantly with supplies of Russian oil, coal and fertilizers increasing,” RT news quoted Kremlin foreign policy spokesman Yury Ushakov as saying to reporters in Moscow.

The Summit will take place on Thursday and Friday in the Uzbek city of Samarkand.

According to Ushakov, the two countries are currently working on bilateral measures to expand the use of national currencies, the ruble and the rupee, in mutual settlements.

Last month, New Delhi’s Ambassador to Moscow Pavan Kapoor also noted that Russia-India trade turnover had been growing in both volume and scope in recent months, RT reported.

He added that businesses in both countries had been working to overcome the obstacles to closer cooperation posed by sanctions.

Moscow and New Delhi were reportedly discussing mutual acceptance of Russia’s Mir and India’s RuPay payment cards, as well as options to implement each other’s interbank transfer services: India’s Unified Payments Interface (UPI) and SPFS, the Russian alternative to SWIFT.

India has been boosting purchases of Russian crude over the past six months, while the US has repeatedly urged New Delhi to support a price cap on Russian oil.

However, India has been reluctant to join the Western sanctions on Moscow, placing domestic energy security above geopolitical conflicts.

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India stays out of Indo-Pacific trade pillar

Trade is one of the four pillars of this trade arrangement that was launched by US President Joe Biden in May 2022, joined by Prime Minister Narendra Modi among other leaders of the member countries, reports Yashwant Raj

India has stayed out of negotiations on trade at the first in-person ministerial meeting of 14-nation Indo-Pacific Economic Framework for Prosperity, held in Los Angeles.

Trade is one of the four pillars of this trade arrangement that was launched by US President Joe Biden in May 2022, joined by Prime Minister Narendra Modi among other leaders of the member countries. The other three are Supply Chain, Clean Economy, and Fair Economy.

India was led by Union Commerce Minister Piyush Goyal at the talks. He also held several bilateral meetings including with his US counterparts – Commerce Secretary Gina Raimondo, and US Trade Representative Katherine Tai.

India participated in discussions on the remaining three pillars and also signed on to the separate statements that were released on the negotiations. All 14 member nations signed the three statements, but only 13 signed the one on trade, with India deciding to sit it out.

No reasons were forthcoming.

“You have correctly noted that India is not now in the trade pillar,” US Trade Representative Tai said at a news conference with Commerce Secretary Raimondo in Los Angeles on Friday, at the conclusion of the discussion on Thursday. She added that she has been in regular touch with her Indian counterpart Goyal and that the two countries do and will cover the same issues – as at the IPEF – in their bilateral discussions, such as the Trade Policy Forum, which is to meet later in the year.

Raimondo said the IPEF is meant to be “flexible and inclusive”.

Trade remains a key irritant in the India-US relations, which have otherwise seen significant progress.

When pressed for specific “sticking points” behind India’s absence from trade talks, Tai, who is usually very careful with her words, couldn’t contain her frustration. “I both want to and I don’t want to, right,” she said. “Part of me wants to tell you everything that just happened. But part of me is here to build trust with our partners.”

Tai then took another shot at answering the question. “We obviously value each of the countries in this partnership and have a strong and important trading relationship with each one of them. I think that part of the challenge in bringing together a group of 14 is you’ve got 14 different points of view in that room. You’ve got 14 different ministers representing 14 different economies, who are part of 14 different bureaucracies, who come from 14 different political landscapes with stakeholders with needs and priorities. So I think that that might be the hardest part of an exercise like this.”

On the second pillar of supply chain, the 14 countries said they will “seek to coordinate actions to mitigate and prevent future supply chain disruptions and secure critical sectors and key products for our manufacturers”.

On the third pillar of clean economy, the countries said they will “seek to expand investment opportunities, spur innovation, and improve the livelihoods of citizens as the partners unlock the region’s abundant clean energy resources and substantial carbon sequestration potential”.

Piyush Goyal meets with Australian Trade Minister Don Farrell on the sidelines of IPEF meet in Los Angeles.

And on the final pillar of fair economy, they agreed to “seek to level the playing field for businesses and workers within partner countries by preventing and combatting corruption, curbing tax evasion, and enhancing transparency, recognising the importance of fairness, inclusiveness, the rule of law, accountability and transparency”.

On trade, on which India did not join in, the remaining IPEF partners said they “will seek high-standard provisions in areas that are foundational to resilient, sustainable, and inclusive economic growth, including labor, environment, digital economy, agriculture, transparency and good regulatory practices, competition, inclusivity, trade facilitation, and technical assistance and economic development”.

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Business Dubai India News

DMCC concludes Made for Trade Live roadshow in India

During the DMCC event in Kerala (https://www.zawya.com/en/press-release)

The Federation of Indian Chambers of Commerce & Industry said, “We are happy to partner with DMCC to discuss business opportunities in the UAE for our members in Chennai and Kochi…reports Asian Lite News

DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has successfully concluded its Made for Trade Live roadshow in Chennai And Kerala, India, where it highlighted the benefits of doing business in Dubai for Indian companies looking to expand internationally.

The event saw senior DMCC executives address over 300 representatives of the Indian business community from a range of sectors, as well as government bodies. Speakers and delegates discussed the strategic geographic location and commercial appeal of Dubai and the ease of doing business in DMCC, which is the fastest growing and most interconnected free zone in the world. The discussions also focused on opportunities for the UAE and India to enhance bilateral trade and business relations.

Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC commented, “Facilitating trade, removing barriers to entry and unlocking new business opportunities are critical components of DMCC’s mandate. Dubai and India share an extremely strong and long-standing trade relationship, and India is currently Dubai’s second largest trade partner. And the latest development that solidifies our relations is the UAE-India Comprehensive Economic Partnership Agreement – CEPA. The agreement, which came into effect in May this year, looks to boost bilateral trade to 100 billion US dollars in five years, an increase of 66% from the current 60 billion US dollars.”

He added, ‘Through these roadshows, we showcase the unparalleled potential that DMCC has to offer for businesses looking to set up a company in Dubai. While the diplomatic and trade relations between the UAE and India have increased substantially over recent years, there is still a lot more we can do together by supporting exporters and businesses in both countries.”

Held in partnership with the FICCI, the full capacity roadshow event demonstrated DMCC’s deep commitment to businesses in the region and underlined its focus on strengthening trade relations with India across a range of sectors such as Precious Metals & Stones, Technology & Telecom and Financial Services.

The Federation of Indian Chambers of Commerce & Industry said, “We are happy to partner with DMCC to discuss business opportunities in the UAE for our members in Chennai and Kochi. With the UAE-India Comprehensive Economic Partnership Agreement now in place, the commercial outlook for setting up a company in Dubai is high on the agenda for many Indian companies. DMCC, as a leading free zone, would provide these companies with the opportunities to further trade and investment.”

With a rich history of cultural, diplomatic and commercial ties, India is a key growth market for businesses in Dubai and DMCC. India is the second largest trading partner for the UAE and the UAE is the third largest trading partner for India. Both countries have joined forces in many trade and investment pacts in the past decade.

In February 2022, the UAE and India signed the UAE-India Comprehensive Economic Partnership Agreement (CEPA), which officially entered into force in May. Under the CEPA, both countries expect to boost bilateral trade from USD 60 Billion to USD 100 Billion within the next 5 years. The key products that will immediately benefit from the agreement include oil & gas, petrochemicals, minerals, textiles, agriculture, jewellery and gems, metals and more.

DMCC has played a significant role in enhancing UAE-India relations and is currently home to over 3,530 leading Indian businesses, which use the Free Zone as a hub for trading with countries around the world.  

DMCC’s Made for Trade Live series plays a key role in promoting Dubai as a prime destination for foreign direct investment (FDI). DMCC attracted a record-breaking 2,485 new companies to the free zone in 2021 and reported the highest first quarter of 2022 of company registrations since inception, bringing the total number of member businesses to over 21,000.

For the full DMCC events calendar, please visit: https://www.dmcc.ae/events.

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Panel to promote trade, investment ties with India

From trips across different parts of Britain to visits to India, the India (Trade & Investment) APPG said it will work with diverse stakeholders and encourage beneficial collaborations…reports Asian Lite News

A new cross-party U.K. parliamentary panel has been created to promote trade, investment and people-to-people ties with India, backed up by British Indian think tank 1928 Institute.

The India (Trade and Investment) All-Party Parliamentary Group (APPG) was formally registered last week as part of celebrations of the 75th anniversary of India’s independence and is made up of 25 members of Parliament and peers of different political affiliations.

With a stated goal to promote trade and investment between India and the U.K. for the mutual betterment of their citizens, whilst building an inclusive living bridge between the two countries, the new APPG hopes to support the ongoing India-U.K. free trade agreement (FTA) negotiations and promote its benefits once concluded.

“Given 75 years of India’s Independence, the creation of an All-Party Parliamentary Group focused on India will set the tempo between the U.K. Parliament and India/Indians,” said Navendu Mishra, Indian-origin Opposition Labour Party MP for Stockport in north-west England and co-chair of the new APPG.

“Investment in people is the best way to ensure economic stability and this APPG intends to benefit the peoples of both the U.K. and India. In particular, I’m looking forward to bringing investment to Stockport and to the Greater Manchester region, both from stronger cultural ties and from utilising the trade agreement,” he said.

“Furthermore, what better way to celebrate the 75 years of Independence then to strengthen the living bridge between the countries and to solidify an equal partnership between these two great nations,” he added.

From trips across different parts of Britain to visits to India, the India (Trade & Investment) APPG said it will work with diverse stakeholders and encourage beneficial collaborations.

“It’s a new chapter in the story of the Indo-British trade partnership and I’ll be working tirelessly to ensure that we get the best possible FTA and that it is utilised after. The group’s establishment coincides with the 75th year of India’s Independence and it will be a parliamentary driving force behind the U.K.-India story in the years to come,” said Lord Karan Bilimoria, Indian-origin businessman and co-chair of the APPG.

“This APPG will be the conduit which not only connects U.K. and Indian policymakers but connects businesses and entrepreneurs to drive growth. The APPG will ensure that dialogue and engagement will cut across all levels of business, particularly encouraging a wider lens on female led business and start-ups,” added Baroness Sandy Verma, the president of the new group.

The APPG is chaired by Conservative Party MP Bob Blackman and includes other Indian-origin parliamentarians as vice-chairs, including Lord Meghnad Desai, Baroness Usha Prashar, Labour MP Virendra Sharma and Tory MP Gagan Mohnidra.

“We are honoured to facilitate the APPG as its Secretariat and look forward to collaborating with diverse partners to champion trade, investment, and development,” said the 1928 Institute, a University of Oxford spinout focussed on Indian diaspora research in the UK.

“We intend to create an energised, inclusive, and pluralistic space to accelerate the improvement of material conditions for all. Our vision spans opportunities from Pembrokeshire to Punjab, and we encourage you to get in touch to help shape this nascent space,” it said.

The new APPG will officially kick-start its activities when Parliament resumes after its summer recess under a new Prime Minister in September.

APPGs are informal, cross-party groups in the U.K. formed by MPs and members of the House of Lords who share a common interest in a particular policy area, region or country and have no official status within Parliament.

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Boris recommits to securing UK-India trade deal by Oct

India’s recently signed economic and trade agreement with Australia has raised hopes in London that Modi is now looking to tear down international trade barriers…reports Asian Lite News

Boris Johnson has confirmed the UK plans to sign a post-Brexit free trade deal with India by October as negotiators prepare for a fresh round of talks this month.

The Prime Minister told MPs today that he was aiming to have the deal completed by the Indian holiday of Diwali as he doubled down on a promise made during his trip to New Delhi in April.

The UK government’s negotiators will travel to New Delhi this month to restart official talks and discuss issues such as India’s large barriers to City of London financial services firms.

The UK is also trying to get India to drop its 150 per cent tariffs on Scotch whisky and other trade barriers on goods like British-made machinery.

A senior source at the Department for International Trade (DIT) said it was “a good sign” India’s government last year softened trade barriers to overseas insurance firms, which has allowed them to increase how much they can invest in the country.

“India has traditionally had a protectionist economy when it comes to services – this is not news,” they said.

“But the fact they’re already moving in the right direction on things like the insurance industry shows there is real momentum when it comes to services and that a deal can be struck.”

Closing a deal with India, the world’s sixth largest economy, is seen as a major prize for the UK post-Brexit, however Prime Minister Narendra Modi has not made trade agreements a priority during his eight-year reign.

However, India’s recently signed economic and trade agreement with Australia has raised hopes in London that Modi is now looking to tear down international trade barriers.

It has been suggested that India’s recent slowdown in economic growth may have changed attitudes within the government about the need to embrace more international trade.

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India seeks stronger steps to curb illegal weapons trade

India also underlined the importance of international cooperation and assistance, particularly support to developing countries in the implementation of these instruments and a fellowship programme for them, the MEA added…reports Asian Lite News

India has pushed for increased national measures to regulate the illegal trade in small arms and light weapons (SALW). It has also called for the creation of a framework for more efficient tracing of illicit SALW as a way to boost the implementation of these instruments.

India presented its stand at the 8th biennial meeting of states on the execution of the UN Programme of Action to Prevent, Combat, and Eradicate the Illicit Trade in Small Arms and Light Weapons (SALW) and the International Tracing Instrument for Illicit SALW held in New York from June 27 to July 1.

The meeting adopted an outcome document aimed at strengthening the implementation of the Programme of Action as well as the International Tracing Instrument against illicit trafficking of SALW, the Ministry of External Affairs (MEA) said on Monday.

During the meeting, India emphasized the importance of full and effective implementation of the UN Programme of Action and the International Tracing Instrument, particularly their significance in dealing with the threat of terrorism as an important global challenge.

According to the MEA, India urged strengthening the implementation of these instruments, including through improved national efforts in controlling illicit trade in SALW, and developing a mechanism for tracing of illicit SALW, to make it more effective.

India also underlined the importance of international cooperation and assistance, particularly support to developing countries in the implementation of these instruments and a fellowship programme for them, the MEA added.

The outcome document of the Eighth Biennial Meeting recognized the adverse effects of illicit arms trade in exacerbating terrorism and emphasized the role of these UN instruments in addressing the threat posed by terrorism. It also affirmed the resolve of States to enforce and apply adequate national controls to the entire lifecycle of SALW. States also agreed to strengthen tracing measures for illicit small arms and explore means for enhancing international cooperation in tracing them with the involvement of the UN.

The meeting considered implications of recent technological developments in the field of SALW, illicit trafficking concerns and ways to address their aggravating effects on the instruments, the MEA said.

Towards the fourth review conference in 2024, the outcome document agreed on a comprehensive analysis of trends, challenges and opportunities in the implementation of these two UN instruments and consider recommendations on their effective implementation. (India News Network)

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Britain launches ambitious trade deal with Gulf nations

British food and drink exports to GCC countries were worth £625 million last year, and a deal could significantly reduce or remove tariffs on UK food and drink exports…reports Asian Lite News

Trade Secretary Anne-Marie Trevelyan is launching free trade negotiations today (Wednesday 22 June) between the UK and the Gulf Cooperation Council (GCC), made up of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE.

Equivalent to the UK’s seventh largest export market, the GCC bloc’s demand for international products and services is expected to grow rapidly to £800 billion by 2035, a 35% increase – opening huge new opportunities for UK businesses.

A free trade deal would also open the door to increased investment from the Gulf, supporting and creating jobs across the country.

In a visit to Riyadh, Saudi Arabia, the Secretary of State will meet the GCC Secretary General, Dr Nayef Falah M. Al-Hajraf, and her counterparts from all six GCC countries, to launch talks expected to culminate in a trade deal worth £1.6 billion more a year to the UK economy.

It is the fourth major set of Free Trade Agreement (FTA) negotiations launched by the Trade Secretary this year, following visits to begin talks in India in January, Canada in March, and the launch of negotiations with Mexico last month.

UK Trade Secretary Anne-Marie Trevelyan said, “Today marks the next significant milestone in our 5-star year of trade as we step up the UK’s close relationship with the Gulf. Our current trading relationship was worth £33.1 billion in the last year alone. From our fantastic British food and drink to our outstanding financial services, I’m excited to open up new markets for UK businesses large and small, and supporting the more than ten thousand SMEs already exporting to the region. This trade deal has the potential to support jobs from Dover to Doha, growing our economy at home, building vital green industries and supplying innovative services to the Gulf.”

UK-GCC deal would mean significant benefits for British farmers and producers, as the Gulf is highly dependent on imported food. British food and drink exports to GCC countries were worth £625 million last year, and a deal could significantly reduce or remove tariffs on UK food and drink exports.

Tariffs that could be slashed include cereals, which currently face a tariff of up to 25%; chocolate, up to 15%; baking products, up to 12%; sweet biscuits, up to 10%; and smoked salmon, which has a 5% tariff at present.

With almost £30 billion already invested in each other’s economies, this deal would also help unlock even more opportunities for investment between the UK and GCC countries.

Gulf investments supported over 25,000 UK jobs in 2019 – a number that tripled over the previous decade – and analysis shows the East Midlands, West Midlands, North East and Yorkshire and the Humber will be in line for the greatest proportional gains when the ink dries on a new deal. The deal would also be estimated to boost the economies of Scotland, Wales and Northern Ireland by almost £500 million collectively.

Stephen Phipson, CEO of Make UK, the manufacturers’ organisation, said, “We welcome the launch of free trade negotiations with the Gulf Co-Operation Council, strengthening trade opportunities which will ensure that British manufacturing benefits from future positive flows of goods and services into the Gulf region. It is also extremely helpful that the UK and GCC are committed to work towards seeking the opportunities from ‘green innovation’, which will bring significant opportunities for Britain’s innovative renewable energy companies which are already leading the way in this area of global concern. We look forward to working with government to make sure manufacturers large and small are able to benefit from the business possibilities this deal will open up.”

Around 10,700 small and medium-sized businesses from every UK nation and region exported goods to the GCC in 2020, with SMEs accounting for more than 85% of total UK goods exporters to Qatar, Saudi Arabia and the UAE.

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Botham returns to Australia as UK Trade Envoy

Vicki Treadell, British High Commissioner to Australia said, “The UK-Australia Free Trade Agreement was the first the UK negotiated ‘from scratch’ since leaving the EU…reports Asian Lite News

Botham will be meeting with a variety of key stakeholders across business and government and will be attending a wide range of events. His programme strongly focuses on tech, innovation and sport which also encompasses the Commonwealth Games. Throughout the duration of his visit he will be promoting the benefits of bilateral trade and investment between the UK and Australia, current and future opportunities.

UK Prime Minister’s Trade Envoy to Australia, Ian Botham said, “I am excited to be back on the ground in Australia and I am ready to dive into all things related to UK-Australia trade and investment. This is my second visit already this year and we are making great progress engaging with both business and government across all the sectors our UK teamwork within Australia. I have a very action-packed week ahead so we can continue making progress.”

Trade Envoys are unpaid and voluntary roles created by UK PM Boris Johnson to boost British business in key markets. The UK’s relationship with Australia is a top priority. This is evident from the signing of the UK-Australia Free Trade Agreement in December 2021.

Vicki Treadell, British High Commissioner to Australia said, “The UK-Australia Free Trade Agreement was the first the UK negotiated ‘from scratch’ since leaving the EU. We are like minded countries. We share the same values, the same language and the same rule of law. Our bilateral trade and investment relationship has continued from strength to strength. This visit will only continue that momentum.”

Louise Cantillon, British Consul General and Deputy Trade Commissioner Asia Pacific (Australia & New Zealand) said, “With an already very successful trade and investment relationship there are growing opportunities for future business and partnerships between the UK and Australia. The UK offers Australian investors a robust and business friendly environment to reliably expand, trade and invest.” The UK is also leading the race to a net zero carbon economy which is seeing an even greater focus on developing sectors like green finance, clean tech, hydrogen, and sustainable infrastructure. With Sir Ian Botham’s visit we hope to engage with the local business community to explore these opportunities and celebrate our successes

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