Trade Policy Minister, the Rt Hon MP and the Lebanese Minister
for Foreign Affairs and Emigrants, Gebran Bassil have today
signed a UK-Lebanon trade agreement. It ensures British
businesses and consumers will continue to benefit from
preferential trading terms with Lebanon after we leave the
European Union.
The signature of the UK-Lebanon Association Agreement at the
UK-Lebanon Tech Forum in London will provide a framework for
cooperation and development on political, economic, social and
cultural links.
The new UK-Lebanon Association Agreement provides, among other
trade benefits, tariff-free trade of industrial products together
with liberalisation of trade in agricultural, agri-food and
fisheries products. Trading on these preferential terms delivers
significant savings, helping to support British jobs and also
providing a positive boost for Lebanon’s economy, which continues
to be impacted by the Syrian crisis.
This agreement provides a platform for trade between the UK and
Lebanon to grow, with total trade worth £603 million in 2018. It
also provides the certainty for British and Lebanese consumers
and businesses to continue trading following the UK’s withdrawal
from the EU. The agreement sends a strong signal that Britain is
committed to a close bilateral relationship with Lebanon.
Minister of State for International Trade said:
“Our priority is to ensure businesses are fully prepared and have
the tools they need to continue to trade by the 31 October.
Today’s signing with Lebanon will help provide certainty and
opportunities for businesses in both the UK and Lebanon.
“I hope that this agreement will usher in a new phase of
increased bilateral investment in each other’s economies, which
is the basis for continued stable economic growth.”
Minister for the Middle East and North Africa said:
“I welcome the signing of the UK-Lebanon Association Agreement,
which provides certainty and confidence to UK and Lebanese
consumers and businesses as we leave the European Union.
“The economic and trade relationship between our two countries
holds much potential. I look forward to more British and Lebanese
companies doing business with each other, investing and operating
in the UK and Lebanon as a result of this agreement.”
Wilson Del Socorro, Global Director of Government Affairs at
Diageo Plc added:
"As a leading UK exporter with 200 brands in over 180 countries
around the world, we congratulate the parties in finalising the
UK-Lebanon Association Agreement.
“The continuity of free trade arrangements between the UK and
countries like Lebanon after Brexit will ensure our business
continues to serve the growing consumer demand for UK spirits,
such as Scotch whisky, all around the world.”
The UK has signed agreements with countries that account for £90
billion of trade. This has increased from £39 billion since
March, and will increase to £99 billion when the Southern African
Customs Union and Mozambique agreement is signed.
Notes to editors
- This agreement will now be subject to the domestic internal
procedures of both countries party to the agreement before it can
be brought into force.
- The UK will continue to be covered by the EU-Lebanon
Association Agreement while it is a member of the EU. This
agreement is designed to take effect when the EU-Lebanon
agreement ceases to apply to the UK.
- Trade with Lebanon was worth £603 million in 2018, with £486
million in UK exports to Lebanon and £117 million in UK imports
from Lebanon.
- The UK’s top goods exported to Lebanon in 2018 were
pharmaceutical products (HS30, £56 million), vehicles other than
railway or tramway rolling-stock (HS87, £52 million) and
machinery and mechanical appliances (HS84, £52 million).
- In December 2018, we signed the largest bilateral deal in the
history of UK - Lebanon relations, with a $300 million trade deal
between Rolls Royce and Middle East Airlines. MEA’s new
aircrafts Airbus A330-900 neo will be powered by Rolls-Royce
Trent 7000 engines due to deliver in 2021.
- A regularly updated list of all signed agreements is
available on GOV.UK.
Source of trade statistics:
- ONS ‘UK total trade: all countries, non-seasonally adjusted
January to March 2019 release’. Figures are provided on a nominal
basis.
