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Greg Hands: UK Export Finance (UKEF) has not previously 100% guaranteed any Export Development Guarantee (EDG) facilities. In principle, consideration can be given to guarantee percentages above 80% where this is needed to ensure the success of the transaction, subject to ensuring that the guaranteed loan meets UKEF’s requirements including compliance with applicable subsidy control rules.
Greg Hands: All export licence applications are assessed on a case-by-case basis against our Strategic Export Licensing Criteria, including with regard to international humanitarian law. All licences are kept under careful and continual review and the Government is able to amend, suspend, refuse or revoke licences as circumstances require. The Secretary of State for Business and Trade receives legal...
Greg Hands: The sixth round of negotiations for a free trade agreement (FTA) between the UK and the Gulf Cooperation Council (GCC) took place between 29 January and 9 February. The round was hosted in London and held in a hybrid fashion. A number of GCC negotiators travelled to London for in-person discussions with others attending virtually. Draft treaty text was advanced across the majority of...
Greg Hands: In accordance with the rest of the international community, with the sole exception of Turkey, the UK does not recognise the self-declared "Turkish Republic of Northern Cyprus" as an independent state. UK trade statistics from the Office for National Statistics, which provide most of the headline information shown in the trade and investment factsheets, do not include figures identifying UK...
Greg Hands: The Department for Business and Trade’s resource allocation budget following the Supplementary Estimate for 2023/24 is: Control Total Full Yr Budget (£m) Resource DEL Admin 513.1 Resource DEL Programme 1,454.1
Greg Hands: The examination of goods included in Appendix 1, Section B, Subsection 1, A, 2 of the Annex Modifications to Annex 1 to the UK-Andean Trade Agreement must take place within two years of entry into force of the UK-Andean Countries Trade Agreement. The agreement entered into force for all parties in June 2022. In the review, the UK will consider the interests of businesses and consumers...
Greg Hands: Decisions on export licensing are based on the UK's Strategic Export Licensing Criteria. The Government's export licences are kept under careful and continual review, and we can amend, suspend or revoke extant licences, or refuse new licence applications, where they are inconsistent with these criteria.
Greg Hands: We are unable to provide the information requested as it is not held in the Department. The apprenticeship levy is held by the Department for Energy Security and Net Zero.
Greg Hands: All facilities management services, including refurbishments, are carried out on behalf of the Department for Business and Trade, by the Government Property Agency (GPA). The GPA have confirmed that they have not undertaken any refurbishment work to Ministers offices in Old Admiralty Building in the last two years.
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Greg Hands: The UK-Andean Countries Trade Agreement is due to commence in summer 2024. The agreement does not commit the UK to any further liberalisation of the market.
Greg Hands: Decisions on export licensing are based on the UK's Strategic Export Licensing Criteria. The Governments export licences are kept under careful and continual review, and can amend, suspend or revoke extant licences, or refuse new licence applications, where they are inconsistent with these criteria. The Government respects the role and independence of the International Court of Justice....
Greg Hands: The November 2023 State Visit from the Republic of Korea’s President Yoon is demonstrative of the growing strength of our trade relationship, with £2.5 billion of business wins announced, including contracts for British companies to support RoK’s renewable sector worth over £90 million. The Visit also saw the launch of negotiations for an upgraded, modern free trade agreement to...
Greg Hands: In September 2023, the Secretary of State held the first UK-Japan Economic, Business and Trade Dialogue. As a result, UK Export Finance signed a Memorandum of Understanding with Nippon Export and Investment Insurance, which will support UK exporters including SMEs. In October 2023, the Joint Committee of the UK-Japan Comprehensive Economic Partnership Agreement (CEPA) noted that, in 2022, the...
Greg Hands: The Government is committed to driving forward export growth and helping UK businesses export to markets across the globe including Sweden. UK exports to Sweden amounted to £12.0 billion in the 12 months to September 2023, making Sweden the UK’s 20th largest export market. In 2022, UK and Swedish Trade Ministers inaugurated the first annual UK Sweden Business Forum, which seeks to...
Greg Hands: The Government is committed to driving forward export growth and helping UK businesses export to markets across the globe including the United Arab Emirates (UAE). UK exports to UAE amounted to £15.6 billion in the 12 months to September 2023, an increase of 23.3% or £2.9 billion in current prices compared to the previous 12 months, making UAE the UK’s 13th largest export market. The...
Greg Hands: The Government is committed to driving forward export growth and helping UK businesses export to markets across the globe including Poland. UK exports to Poland amounted to £10.5 billion in the 12 months to September 2023, an increase of 26.0% or £2.2 billion in current prices compared to the previous 12 months, making Poland the UK’s 21st largest export market. UK businesses can access...
Greg Hands: The Government is committed to driving forward export growth and helping UK businesses export to markets across the globe including Australia. The Government is proud of the world-class deal it negotiated with Australia, the UK’s first from-scratch FTA, and is working to ensure businesses feel confident in using the deal. UK exports to Australia amounted to £14.3 billion in the 12 months...
Greg Hands: The Government is committed to driving forward export growth and helping UK businesses export to markets across the globe, including Switzerland. In January 2023 the Government extended the Services Mobility Agreement, allowing service suppliers to travel to Switzerland more easily. In December 2023, HM Treasury signed the Berne Financial Services Agreement, providing market access to service...
Greg Hands: The UK-Singapore Strategic Partnership launched last September and encompasses our milestone UK-Singapore Digital Economy Agreement, the first-of-its-kind for the UK. Businesses are already benefitting from its world-class provisions on duty-free movement of data, data non-localisation and source code protection that make it easier for UK companies to trade digitally with Singapore. In...