UK and Central America Increase Trade Ties
The UK’s export credit agency UK Export Finance (UKEF), has signed a partnership with Banco Centroamericano de Integración Económica (BCIE), Central America’s leading development bank, to encourage the joint financing of major projects. With a mandate to predominantly focus on supporting major infrastructure, clean energy and construction projects.
Both institutions will help finance major projects in Central America that involve UK exports, supporting businesses and jobs in the UK. Trade between the UK and Central America was worth over £1.7 billion in 2020.
Last year, UKEF increased its funding limits for a number of countries in Central America as it looked to establish a greater presence in the region as part of UK efforts to continued trade post Brexit.
Central America is home to some of the fastest-growing economies in the world including Mexico which the UK Government predicts will be a top 10 world economy. This MoU will boost existing trade links and builds on the UK-Central America trade association agreement signed in August 2019.
However, according to a report from the House of Lords’ International Agreements Committee, the UK could now have to wait another three years to catch up with the EU in trade with Mexico, a result of the Brexit process, with the UK now having to establish trade ties in it’s own right
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