West Midlands to benefit from recent trade deals
The automotive sector in the West Midlands is set to benefit from new trade deals with India and the US that slashes tariffs and boosts access to the world바카라 사이트檚 fastest growing economy.
- Prime Minister to meet with the Mayor of the West Midlands Richard Parker to discuss the benefits of his recent trade deals.
- Comes as we바카라 사이트檝e nailed three trade deals in as many weeks to deliver growth that is a priority for the Plan for Change.
- US and India trade deals deliver a major boost for the West Midlands바카라 사이트� automotive industry, that employs 50,000 people.
The automotive sector in the West Midlands is set to benefit from new trade deals with India and the US that slashes tariffs and boosts access to the world바카라 사이트檚 fastest growing economy.聽
This means long-term stability for 50,000 people employed in the sector and security for their families.聽聽
It will also deliver opportunities for major job creators in the region like Jaguar Land Rover to grow 바카라 사이트� the first priority of our Plan for Change.聽聽
Prime Minister Keir Starmer said:聽聽
These trade deals that we have closed delivers stability for 50,000 workers employed in automotive manufacturing in the West Midlands.聽聽聽
It also will create opportunities for more seamless trade, attracting inward investment that will grow the local economy and make a difference to people바카라 사이트檚 lives.聽聽聽
These changes will be felt everywhere, whether it바카라 사이트檚 lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across the West Midlands.
40,000 people employed in agriculture across the region will also benefit from our deal with the EU. It means less checks and red tape, meaning that produce grown in the West Midlands has easy access to the UK바카라 사이트檚 biggest trading partner.聽
British steel exports are also protected from new EU rules and restrictive tariffs, through a bespoke arrangement for the UK. With this new agreement with the EU and our recent UK-US trade deal, we are helping to protect the 5,000 people working in the steel industry across the West Midlands.
The Prime Minister will tell the English Mayors and the Leaders from the Devolved 바카라 사이트s at a meeting of the Council of Nations and Regions in London today (Friday 23 May) that his trade deals with India, the United States and the EU will deliver economic growth that will improve people바카라 사이트檚 lives at home.聽聽聽聽聽聽聽
He will challenge those in attendance to drive economic growth in their local areas to deliver for working people.聽聽聽聽聽聽
Anthony Bamford, JCB Chairman said:
I바카라 사이트檓 very pleased that the UK 바카라 사이트 have got both the US and India trade deals over the line. India is the world바카라 사이트檚 most populous country with over 1.4 billion people living in the world바카라 사이트檚 largest democracy. I know from JCB바카라 사이트檚 experience of making and selling machines in India that British businesses looking to trade with India will be welcomed with open arms. The opportunity is huge, and the Free Trade Agreement will open the door to much improved trade聽between our countries 바카라 사이트� in both directions.
The USA is the world바카라 사이트檚 largest market for construction equipment. JCB has been manufacturing there for 50 years, so it바카라 사이트檚 vital we have a strong presence in the US market. We will carry on with our recently announced plans to double the size of our new factory in San Antonio, Texas but the USA will still remain an important export market for certain UK-made machines. Ultimately, we need the removal of that 10% baseline tariff to support the export side of our business.
Business and Trade Secretary Jonathan Reynolds said:
바카라 사이트淭he three landmark deals secured this month with the US, India, and the EU have shown this government is serious about striking the deals that our businesses want and need.聽
We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For businesses in the West Midlands, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.
Foreign Secretary David Lammy said:聽
The聽Economic Prosperity Deal is the first such agreement made by this US administration and a聽testament to the deep and enduring relationship that the UK and US share.
We are going further and faster to deliver economic growth, working with our allies around the world to drive prosperity and give certainty to businesses and customers alike.
The trade deals with India and the US will unlock new opportunities for the West Midlands, where 32% of the automotive workforce is based.聽聽
Under the Free Trade Deal that was concluded, tariffs on cars sold to India will come down from over 100% to 10% under a quota, while other tariff reduction will support the region바카라 사이트檚 advanced manufacturing sector.聽
Our deal with the US negotiated in the same week,聽is set to benefit every corner of the UK, including the West Midlands that exported 拢8.5 billion to the US in 2024, more than any other region in the UK.聽聽
The benefits of the deal for local businesses and workers are relevant for Oliver Christian, a graduate of Keele University and the UK바카라 사이트檚 new Trade Commissioner to North America.聽聽聽
His Majesty바카라 사이트檚 Trade Commissioner for North America and His Majesty바카라 사이트檚 Consul General to New York, Oliver Christian, said:聽聽聽
As a Keele University graduate, I바카라 사이트檓 proud to be championing the UK and the West Midlands in North America, especially at such a crucial time.聽 聽聽
The US is one of the West Midlands바카라 사이트� biggest export destinations. Over half of those exports come from the automotive industry, with some of the UK바카라 사이트檚 most well-known car manufacturers based in the area including Jaguar Land Rover and Aston Martin. 聽聽
The deal we have negotiated will cut tariffs on cars from 27.5% to 10% for 100,000 vehicles every year, saving millions for carmakers in the region and protecting thousands of jobs.
Just this week the Prime Minister acted in the national interest by confirming a new agreement with the European Union that will deliver on his core mission to grow the economy, creating more jobs in the West Midlands, raising living standards and putting more money in people바카라 사이트檚 pockets.聽聽聽聽聽
At today바카라 사이트檚 meeting of the Council of Nations and Regions the Prime Minister will also lead discussions about spreading AI to help working people access the services that they need in their local areas.