United kingdom It is a major country for Spanish trade and investment abroad. specially, exports Totals for the UK reached €21,273 million in 2022 and are expected to increase in 2023. The trade balance shows a historic trade surplus in favor of Spain of €10,036 million and coverage of 189%. Likewise, in 2021, The balance of Spanish investments in the United Kingdom increased by 13,000 million euros Up to 73.850 million euros. Spanish investments are highlighted in financial services, wholesale trade and telecommunications. For his part, the balance of British investments in Spain amounts to 60,106 million euros and is very diverse.
The United Kingdom and Spain, two of the most important economies in EuropeMaintaining a close and historical relationship in all fields. However Britain's exit from the European Union It represents a qualitative shift in relations between the two countries, which are now governed by A Free trade agreement.
In this context, the British Chamber of Commerce in Spain and Spanish Chamber of Commerce in the United Kingdom A bilateral business meeting was organized on November 29 at Madrid. The aim of the event was to analyze the challenges, challenges and opportunities that arise in the bilateral relations between Spain and the United Kingdom in the new framework of bilateral relations. Relationship outside the community.
During the day, key topics were discussed, such as existing problems in bilateral investment or opportunities for cooperation in the field of innovation, development, sustainability or environmental risks.
In her speech she said: Secretary of State for Trade Ziana MendesHe highlighted the importance of the relationship between Spain and the United Kingdom, which “remains strong and fruitful.” Mendes also highlighted the role Chambers of Commerce In strengthening trade relations between the two countries.
In his speech, he assessed the economic relations between Spain and the United Kingdom after Brexit, highlighting that bilateral relations between the two countries are “remarkable” and that trade in goods and services, as well as investment flows, have continued to grow. After the United Kingdom leaves the European Union.
However, the Secretary of State also acknowledged that there were some challenges that needed to be addressed, such as the movement of people and the entry into force of the Convention. National Security Law Investments in the UK.
In this sense, Mendes indicated that the Spanish government is open to dialogue with its British counterpart to find solutions to these problems. He pointed out that the two departments are working to identify and remove any obstacles to trade and investment. In this sense, he referred to the National Security Law for Investment in the United Kingdom, which entered into force in 2022. Méndez stressed that the two administrations are ready to cooperate so that this law does not negatively affect Spanish investments in the United Kingdom.
He also emphasized opportunities for cooperation between Spain and the UK in innovative sectors such as clean technologies, cybersecurity, education and health technology. To take advantage of these opportunities, the Minister of Commerce is promoting new initiatives, such as the program Clean technology challengewhich seeks to support Spanish companies that want to develop clean technologies in the UK.
British Ambassador to Spain, Hugh Elliott, stressed the need to “continue working together to find new synergies” in areas such as innovation and sustainability.
Marta Blanco, President of CEOE International He stressed the importance of strengthening bilateral relations, whether at the level of trade or investment between the two countries. This becomes especially important at a time when geopolitical tensions are affecting the economy. The United Kingdom and Spain are partners with a distinguished relationship that must be taken care of and worked on. Moreover, both countries strongly support trade openness and multilateralism, which companies value very positively as it is essential for competitiveness.
And in his speech, Jaime Oscolla, Business Director at Banco SantanderHe stressed the importance of the shared history between Spain and the United Kingdom. He also wanted to highlight the challenges they will face in 2024, related to the movement of capital in a world in which “more than half of the world's population will vote for a new government.”
For this part, Ralph Smith, Chairman of the British Chamber of Commerce in SpainHe thanked the efforts of the 300 members who devoted their efforts to strengthening relations between the two countries. He also highlighted the importance of digitalisation, sustainability and investment in this bilateral relationship. Eduardo Paracina, President of the Spanish Chamber of the United KingdomHe stressed the commitment of the Santander Group as the first investor and board member of the Chamber of Commerce. “Despite the geopolitical changes, the relationship between Spanish companies and British trade has remained strong, with a significant increase in activities since 2020,” Paracina explained.
The businessmen participating in the meeting agreed that the relationship between Spain and the United Kingdom has great potential to continue to grow in the future. But they also point out that it is necessary to overcome some challenges, such as bureaucracy and costs associated with exporting.
Despite these challenges, businessmen expressed optimism about the future of bilateral relations.
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