Trade: Wales

Department for International Trade written question – answered on 19th April 2021.

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Photo of Graham Stuart Graham Stuart Parliamentary Under-Secretary (Department for International Trade)

The 2013 MoU states that HMG has lead responsibility for the provision of support and assistance to new and existing exporters and outward investors both at home and overseas, and for promoting the UK to foreign investors. The Welsh Government is responsible for devising and implementing additional programmes to meet the particular needs of companies in Wales and for promoting Wales to foreign investors.

We are dedicated to providing the best possible trade and investment support for all nations of the United Kingdom. Last month, we announced a new Trade and Investment Hub in Cardiff as part of a new strategy to boost exports and bring the benefits of the government’s global trade policy to the whole of the UK, including benefits from future free trade agreements with the US, Australia, New Zealand and CPTPP. My colleague, the Minister of State for Trade Policy, holds regular bilateral meetings with his Welsh counterpart as well as the quarterly Ministerial Forum for Trade.

In 2020 more than 56,000 jobs were created throughout the UK through foreign investment, including 2,736 new jobs in Wales. Our free trade agreements will significantly benefit exporters in Wales. For example, indicative estimates show that an ambitious UK-US FTA could boost the economy in Wales by £154m.

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