Prime Minister Challenges Wales' First Minister to Drive Economic Growth
The Prime Minister Keir Starmer is challenging devolved leaders – including First Minister Eluned Morgan – to drive economic growth.
At a meeting of the Council of Nations and Regions in London, the Prime Minister is due to tell leaders from the Devolved Governments and English Mayors that trade deals with India, the United States and the EU will deliver economic growth that will improve lives.
The UK Government said the deals would deliver benefits across Wales, supporting job creation, reducing costs and expanding export opportunities.
The Prime Minister is also expected to lead discussions about spreading AI to help people access the services that they need.
Prime Minister Keir Starmer said:
'These trade deals deliver long term security for people in Wales. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people's lives.
'These changes will be felt everywhere, whether it's lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Wales.'
Russell Greenslade, Director, CBI Wales, said:
'As an export-led economy, the Government's commitment to free and fair trade will be welcomed by firms across Wales.
'Amid ongoing geopolitical uncertainty and economic headwinds, these agreements with the US, India and the EU will reduce existing barriers to trade and provide Welsh firms with a renewed sense of optimism as they look to seize new international opportunities.
'Deals like these will be critical to driving growth, creating jobs and raising living standards across our nation.'
More than 200 Welsh businesses exported goods worth £226 million to India last year, and the UK Government said this could grow further under the new trade deal.
It also said that Welsh farmers would benefit from the India deal with tariffs on lamb reduced from 33% to 0%.
Enhanced copyright protections for producers would benefit the Welsh creative sector, the UK Government said, as it meant they could be confident that works will continue to be protected for at least 60 years.
The deal will support further development in the clean energy sector, the UK Government said, as the UK gains 'unprecedented access' to India's procurement market as they transition towards a net zero economy. The sector will also benefit from the new EU deal which agrees cooperation on clean energy and links schemes for emissions trading – something the UK Government says is worth up to £3.8 billion a year in the long run.
Secretary of State for Wales Jo Stevens said:
'The trade deals with India, the US and the EU are great news for Welsh consumers, Welsh business, and Welsh jobs.
'Taken together these deals mean a huge boost for our key industries, from farming to green energy and the creative sector. We want to grow our economy and create secure well-paid jobs and by unlocking new markets and opportunities we can deliver on that promise.'
Business and Trade Secretary Jonathan Reynolds said:
'The 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.
'We are delivering billions for the UK economy and wages every year as part of our Plan for Change. For Welsh businesses, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners.'
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