Displaying items by tag: International trade

The UK is nearing a pivotal defence and trade agreement with the EU that could grant British arms companies access to a €150 billion European defence fund. In return, Keir Starmer’s government appears ready to concede on fishing rights - an issue that has stirred strong domestic opposition. The arrangement includes freezing fishing quotas and moving to a multi-year deal, rather than annual negotiations, in exchange for wider EU market access for UK defence firms. Critics argue this trade-off risks sacrificing the UK fishing industry’s post-Brexit gains. The National Federation of Fishermen’s Organisations has labelled the deal 'neocolonial’, with significant UK quotas already owned by foreign boats. Still, the economic contrast is stark: defence exports total £14.5 billion annually, compared to £1.7 billion in fish sales. The summit on 19 May is expected to formalise broader EU cooperation, including defence partnerships, dynamic alignment on food standards and emissions, and a debated youth mobility scheme. Starmer insists these moves are strategic steps toward global stability, security, and economic resilience amidst growing international challenges.

The Foreign Secretary has announced the UK-India Technology Security Initiative in New Delhi during his first visit to India. Meeting with senior officials, including Prime Minister Narendra Modi, the initiative aims to reset relations with the global south. Key points of the initiative: Telecoms Security and Emerging Technologies: This initiative focuses on collaboration in telecoms security and investment in emerging technologies, refreshing the Comprehensive Strategic Partnership and boosting economic growth in both countries. Climate Change Collaboration: The UK and India have agreed to enhance cooperation on climate change, accelerating partnerships in offshore wind, green hydrogen, and unlocking green growth opportunities. Strategic Technology Collaboration: Led by National Security Advisors from both nations, the initiative targets critical technologies like AI, quantum computing, health/biotech, advanced materials, and semiconductors. A new £7-million funding call for Future Telecoms research was announced under the India-UK science, technology, and innovation partnership. This initiative is part of a broader effort to refresh the UK-India Comprehensive Strategic Partnership, enhancing cooperation in trade, technology, education, culture, and climate, while mobilizing finance and unlocking clean growth opportunities.