Department for International Trade
Truss visit to Aston Martin Lagonda underlines benefits of international trade to Warwickshire
International Trade Secretary Liz Truss visits Aston Martin Lagonda in Warwickshire to discuss benefits of trade to local economy.
The International Trade Secretary recently, Monday 28 October, visited luxury car manufacturer Aston Martin Lagonda in Gaydon, to discuss how international trade can benefit the company’s 3,000 employees across the UK, and deliver economic growth and jobs for the West Midlands.
The strength of the UK automotive industry is demonstrated through the industry’s turnover of £77.9bn in 2018, which directly supported 165,000 jobs and indirectly supported 277,000 additional jobs elsewhere in the economy.
International Trade Secretary, Liz Truss recently said:
The UK is home to world-leading automotive companies like Aston Martin Lagonda which are seeing the benefits of international trade deliver prosperity and boost jobs in Warwickshire.
Aston Martin Lagonda is an iconic British brand, admired the world over, seeing increasing demand in the Americas and Asia.
Once we have control of our own independent trade policy, we will be able to prioritise Free Trade Agreements that benefit great British companies, like Aston Martin Lagonda, boosting jobs and growth across the UK.
Cars are already the UK’s top export to the US, at nearly £8 billion and the West Midlands had the highest trade in road vehicles with the US compared with all English regions, at £4.4bn in the 12 months to the end of Q2 2019.
However, the UK’s highly competitive advanced and industrial manufacturing sectors currently face tariff and non-tariff barriers when exporting to the US, which Truss says a Free Trade Agreement could address. Different regulatory requirements mean that a car produced for the European market cannot be sold in the US market or vice versa. A mutual recognition of standards as an example would help address this and substantially reduce the costs on businesses both sides of the Atlantic.
Latest News from
Department for International Trade
UK and Australia team up to use space technology to protect Pacific from climate change and natural disasters05/11/2019 08:14:00
Pacific island countries vulnerable to climate change will benefit from space technology to help them plan for and prevent natural disasters, thanks to a new UK and Australian partnership.
Boost for UK-UAE trade relations04/11/2019 08:10:00
Minister for Investment, Graham Stuart, visited the UAE to strengthen the trade relationship between the UK and the UAE
UK geospatial intelligence sweeps US cruise lines01/11/2019 08:10:00
A Bristol-based geospatial intelligence company has secured a deal with an American cruise line which is projected to be worth £5.5 million by the end of 2024.
Self-warming UK bottle feeds babies across globe31/10/2019 17:05:00
A UK baby products business recently secured new deals in the United States and China which is expected to make the company £2.2 million by 2025
Kent biotech business set to make £1m thanks to Japan exports31/10/2019 15:10:00
A Kent bio-tech company that supplies blood plasma for lab testing is set to hit sales of £1million in 2020 after securing new deals with customers in Japan.
UK jewellery designer creates collection for Dutch museum31/10/2019 14:47:00
A Glastonbury-based design studio has been commissioned to create a knitted-wired jewellery capsule collection for a museum in the Netherlands
Cheltenham recovery drink revitalises the UAE31/10/2019 12:10:00
A Cheltenham-based soft drinks supplier has secured a contract with an importer in the UAE which is set to be worth £4.29 million over the next 5 years
Cornish tea producer proves strength of British brew overseas31/10/2019 11:22:00
Cornish tea company Tregothnan has secured new orders totalling £145,000 thanks to a government networking event at Number 10, bolstering its export pipeline.