Madrid, 30 years old (Europe Press)
Santander and the UK’s Department for International Trade renewed the agreement signed in 2017 under which they committed to support businesses in the Spain-UK corridor.
As reported by Santander, the aim of this agreement is to facilitate trade between the two countries and encourage investment by Spanish companies in the UK and companies from this country interested in establishing themselves in Spain.
To disseminate news of the trade relationship between the two and the aspects to be taken into account from the point of view of customs and labeling, the agreement includes the organization of seminars, face-to-face events and trade missions with DIT Spain.
The Corridor initiative between Spain and the United Kingdom, of which the agreement is a part, was launched by Santander in 2017 and promoted the simplification of account opening processes in both countries, while developing a value proposition tailored to businesses, which includes a special interest coordinated by the “Country Specialist” number, as well as financial solutions and digital capabilities related to collection and payments, and online monitoring of finance and contracting of digital currencies.
More than 38,000 companies routed trade flows between Santander Spain and the United Kingdom in 2020, the year the bank increased its support for the establishment of Spanish companies in the British country by 50%.
Given that the UK is the second largest global investor in Spain and the first European investment destination for Spanish companies, the bank considers the corridor between Spain and the UK to be of “vital importance for trade between the two countries”.
In addition, the United Kingdom is the largest export destination for Spanish companies outside the European Union, with a value of 17 thousand million euros, and the third largest source of imports outside the European Union, with more than 9 thousand million euros.