CEOE International highlighted the importance of strengthening bilateral relations, whether at the level of trade or investment, between the two countries. This becomes especially important at a time when geopolitical tensions are affecting the economy. The United Kingdom and Spain are partners with a distinguished relationship that must be taken care of and worked on. Moreover, both countries strongly support trade openness and multilateralism, which companies value very positively as it is essential for competitiveness.
From a business perspective, we celebrate the agreements reached this year between the EU and the UK to speed up and simplify trade exchanges and urge them to work together on those issues that still need improvement.
The President of CEOE International concluded that the bilateral relationship between the UK and Spain is built on trust, a value that is highly valued in the current context of uncertainty.
The UK is a major country for Spanish trade and investment abroad. Specifically, exports to the United Kingdom totaled €21,273 million in 2022 and are expected to rise in 2023. The trade balance shows a historical trade surplus in favor of Spain of €10,036 million and coverage of 189%. Likewise, in 2021, the stock of Spanish investments in the UK increased by €13,000 million to €73,850 million. Spanish investments are highlighted in financial services, wholesale trade and telecommunications. For his part, the balance of British investments in Spain amounts to 60,106 million euros and is very diverse.