UK signs post-Brexit trade deals with Colombia, Ecuador and Peru

The UK has signed free trade agreements with Colombia, Ecuador and Peru in the UK-Andean Countries Trade Agreement, held in Ecuador.

The trade agreement was signed as a part of the UK’s ongoing preparation for exiting the European Union (EU) and ensures that there will be no additional barriers or tariffs for businesses trading between the countries.

The fresh agreement maintains the trade flow of £2.1 billion between the countries, as well as protecting British jobs by guaranteeing continuity for businesses and consumers.

UK Exports of goods and services to the Andean countries grew by 58 per cent between 2008 and 2018, with over 1,500 British businesses exporting to Colombia, 1,300 exporting to Peru and 600 exporting to Ecuador.

In 2018, total exports to Colombia, Ecuador and Peru was worth £853 million.

George Hollingbery, Minister for Trade Policy, said: “The agreement signed today with Colombia, Peru and Ecuador will give added assurances to UK businesses trading with the region.

“Businesses will be able to continue trading like they do today after we leave the EU, with consumers and investors continuing to enjoy the benefits.”

The agreement will come into force once the UK leaves the EU and will replace the current EU-Andean agreement that currently applies to the UK.

The UK is looking to agree continuity deals for existing EU free trade agreements that cover around 70 countries.

This agreement means that post-Brexit trade deals have now been signed with 10 countries and regions.

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