Liz Truss says UK will be 'adding' to trade deals in 2021
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UP NEXT
And the news will come as a big boost to UK companies including Jaguar Land Rover. The Department of International Trade (DIT) today confirmed the two countries have signed a Partnership, Trade and Cooperation Agreement ensuring £682million trade can continue and grow.
UAE: Liz Truss discusses post-Brexit trade deal
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UP NEXT
The agreement secures continued preferential trade access between the UK and Serbia, guaranteeing significant savings for business to support jobs and the wider economy.
Furthermore it sets out how the two countries will strengthen political, economic, security and cultural ties, and reaffirms the UK's support for governance reform in Serbia which will safeguard its competitive business environment and open, democratic society.
Minister for Exports, Graham Stuart MP, said: "This is great news for businesses in the UK and Serbia, providing certainty and strengthening ties between both countries to drive growth and support economic recovery from COVID-19.
© ExpressLiz Truss
"This agreement will support jobs up and down the country, drive further investment and open up opportunities for our exporters."
FCDO Minister for the European Neighbourhood Wendy Morton added: "This is the latest agreement signed by the UK securing hundreds of millions of pounds in trade between our two countries supporting jobs and the wider economies.
"It demonstrates the UK's commitment to civil society across Serbia with the promotion of governance and rule of law reforms, while tackling the threat posed by climate change by building a greener and more resilient future together."
The preferential trading terms secured by the Agreement will permit British business to trade as they did before 1 January 2021.
Companies such as Jaguar Land Rover, Unilever, AstraZeneca and JCB are flourishing in Serbia, while companies such as Rio Tinto have ploughed large amounts into initiatives aimed at boosting the production of electric vehicles and cutting carbon emissions around the world.
The was signed by Her Majesty's Ambassador to Serbia Sian MacLeod and Serbian Minister of Trade, Tourism and Telecommunications Tatjana Mati in Belgrade.
Mrs MacLeod said: "With the personal support of Prime Minister Boris Johnson and President Aleksandar Vucic, the UK and Serbia have been working together to build a stronger forward-looking relationship.
"Increasing trade and investment is an important part of that ambition.
"This Agreement is both an important demonstration of our shared commitment to the relationship and a practical means to facilitate smooth trade in the interests of business and consumers in both our countries.
"I look forward to seeing more UK companies thriving in Serbia and British expertise providing a boost to Serbia's economic development. "
UK Export Finance is now working to establish its presence in the region with more than £3.5billion available to finance projects in Serbia, bringing greater value for money from UK supply chains as well as making big infrastructure projects more competitive than ever before.
(More to follow)