Chancellor co-chaired the first edition
of the Trade and Investment Dialogue with her Spanish counterpart
on a visit to Madrid on 18th March 2026. They agreed the
following joint statement.
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Minister Carlos Cuerpo and Chancellor have chaired the first
edition of the UK-Spain Trade and Investment Dialogue. As
stated in the strategic bilateral framework signed at 10
Downing Street on 3 September 2025, the Dialogue aims at
strengthening the bilateral economic relationship as a driver
of inclusive, sustainable growth, complementing and
benefiting from the EU-UK strategic partnership.
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In spite of the challenging global context, exchanges between
both countries are thriving. Both ministers welcomed the
consistent growth in bilateral trade flows, with 9.4% growth
in the four quarters to the end of Q3 2025 and the flow of
foreign direct investment expanding at pace. This reflects a
long-term strategic commitment by the private sector to
sustained investment, deepening supply chain links and
ongoing research, development and innovation partnerships
that both governments aim to support with concrete actions.
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Both sides welcome the progress made on commitments from the
previous UK-EU Leaders' Summit set out in the 2025 Common
Understanding.
Trade in services
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Trade in services is the fastest growing segment of global
trade, on the back of digital technologies. There is still
untapped potential in bilateral services trade, which can
create jobs and boost productivity. In this context both
governments are committed to bilateral measures to increase
the provision of services between the UK and Spain.
Initiatives on short-term business travel and mutual
recognition of professional qualifications will facilitate
timely and efficient bilateral services trade for important
professional business service sectors.
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The Spanish government has decided to exempt British
nationals from a visa requirement for the provision of
services in stays of less than ninety days, in full
consistency with the Schengen acquis, with a view to
facilitating the cross-border provision of services and
reducing administrative burdens. The UK government has
announced plans to reduce the length of the process to obtain
a sponsorship licence for businesses expanding to the UK that
are receiving Global Talent Taskforce/Office for Investment
support, through the introduction of a fast-track licence
application. Both governments will look to reduce the cost
and length of the procedures required for short - term travel
to provide services, in line with the implementation of the
EU – UK Trade and Cooperation Agreement. This includes, but
is not limited to, the issuing of certificates ensuring that
a worker and their employer only pay social security
contributions in one country at a time when temporarily
moving between the UK and Spain for work, where the UK
government has invested additional resources in reducing
processing times. Following the bilateral framework
agreement, the UK's Home Office and Spanish Inclusion, Social
Security and Migration Ministry will hold a structured
dialogue with senior officials, and together with the
Department for Business and Trade and the Ministry of
Economy, Trade and Enterprise, to discuss any possibilities
for further improving short-term business travel.
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Both ministers agreed the importance of strengthening
bilateral recognition of professional qualifications as a
practical action to improve UK-Spain services trade, with an
initial focus on the accountancy and legal sectors and in
full consistency with EU-UK actions in this field.
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Both governments welcome the mutual recognition arrangements
being progressed between the Consejo General de Economistas
de España (CGE) and the Association of Chartered Certified
Accountants (ACCA). Both governments agree to encourage,
support and facilitate dialogue between other UK and Spanish
accountancy bodies to deliver further streamlined recognition
arrangements for our respective professionals.
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They both also recognise the growth potential of the legal
sector and the important contributions of our respective
legal professionals. Both governments welcome the active
engagement by our respective professional membership bodies.
Both governments have also agreed to work together, with the
regulatory bodies, towards the objective of streamlined
mutual recognition of lawyers' qualifications between the UK
and Spain, reflecting the high standard of our respective
professionals' experience and qualifications. Both
governments agreed to undertake the necessary actions to
achieve this.
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Further opportunities for improved recognition for regulated
sectors and professions between the UK and Spain will be
considered within our ongoing bilateral services
relationship.
Secure and Resilient Growth
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Minister Cuerpo and Chancellor Reeves discussed current
geopolitical challenges and their shared objectives to
achieve more secure and resilient growth, hand in hand with
fiscal responsibility. They agreed that promoting industrial
capabilities, ensuring supply chain resilience and enhancing
the robustness of critical assets to foster autonomy can be
done while embracing openness and partnering with like-minded
countries. Both sides committed to continuing close
cooperation to enhance economic security, including through
collaboration on research security and secure public
procurement.
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The UK and Spain recognise the shared challenge of global
overcapacity for European value chains. As like-minded
partners, both sides commit to early dialogue and
consultation on measures to boost domestic industrial
capacity to minimise the adverse effect on trade, reduce
fragmentation of supply chains, and maintain European
competitiveness. This is with particular respect to the
automotive, energy, and heavy industries, recognising the
potential for disruption to British and Spanish businesses.
They agreed to work together to promote openness across key
policy proposals.
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Furthermore, both governments welcome the approval of the
Ukraine Support Loan Regulation as supporting Ukraine
constitutes a central priority in both governments' defence
and security policy frameworks. Accordingly, the United
Kingdom and Spain, in concert with partners in the European
Union, will maintain close cooperation to meet Ukraine's
financing needs including under a prospective peace scenario,
where appropriate coordination, including with international
finance institutions will be essential for catalysing and
leveraging private investment crucial to Ukraine's future
reconstruction.
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The Chancellor and the Minister have chaired a roundtable
with representatives from British and Spanish companies,
which have shared their global plans and have asked for swift
action to facilitate trade and business mobility. The
ministers also addressed the Business Forum organised by ICEX
Spain Exports and Investments with more than a hundred
companies from both countries, affirming the determination of
both governments to boost trade and investment as a means to
foster economic growth and job creation in both markets.
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The Chancellor and Minister will take forward shared economic
security, trade and growth priorities discussed in this first
Dialogue through a roadmap for collaboration to be agreed by
June 2026. Ministers will continue to take expert input from
Chambers of Commerce and Business Associations on the most
pressing barriers for doing business across borders and
possible initiatives to further integration. UK and Spanish
ministers and officials will hold periodic stocktake
discussions to secure progress on deliverables under the
roadmap, with the first to take place in the final quarter of
2026, ahead of the second Dialogue which will take place in
London in 2027.