Albania and the United Kingdom have signed an agreement to improve trade and the fight organized crime
Ministers signed a £158m continuation deal with their Albanian counterparts to allow British business to trade independently outside of the bloc. Under the agreement ratified this week, it will ease tariffs on key imports and exports including minerals, fuels, electricity, textiles and shoes.
Minister for International Trade, Ranil Jayawardena MP, said the agreement provided a “foundation for deeper trade and investment ties in the future”
The North East Hampshire MP said it would “benefit businesses and create jobs in both our countries.
Ministers say the deal will prevent additional duty from being levied under WTO trading terms and prevent the UK GDP from “marginally decreasing”.
HMRC data reveals key exports from the UK to Albania included machinery and mechanical appliances and printed books.
The deal is part of International Trade Secretary Liz Truss’ pledge to secure trade deals with large, fast-growing economies outside Europe to reboot the economy.
Ms Truss also said she wanted to take advantage of the UK’s new freedoms after Brexit by liberalising trading rules to boost areas that have been previously left behind.