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Peru and the UK Sign Reconstruction Agreement

Peru and the UK Sign Reconstruction Agreement

In June 2020, the UK government won Peru’s bid for the “Integral plan for the reconstruction of the damaged infrastructure of the Northern regions of Peru affected by floods in 2017", also called the Reconstruction Agreement or Programme. This government-to-government agreement involves the reconstruction of Peruvian infrastructure and the construction of preventative measures against natural disasters. Parties involved in the Peru-UK Reconstruction Agreement The Reconstruction Agreement involves an investment of approximately US$2.020 billion. The Reconstruction Agreement was signed on 22 June 2020, between the Peruvian government, represented by the Authority for Reconstruction with Changes (ARCC), and the UK government, represented by the Department for International Trade (DIT). The investment is worth S/7 billion (approximately US$2.020 billion) and will last for 2 years, with allowance for a third year. The project will be carried out by 3 companies forming the UK Delivery Team: Mace Limited, Arup Limited and Gleeds International Limited. The Peru-UK partnership is an enduring one. The UK was Peru’s lead partner while delivering the Lima 2019 Games, the fourth largest sports event in the world. Following the success of this partnership, the Reconstruction Agreement only further strengthens these regional commitments. Reconstruction projects The 2017 Coastal El Niño is a natural disaster that severely affected many Peruvian regions. Heavy rains, landslides, and floods destroyed infrastructure and crops, leaving people homeless. The Peru-UK Reconstruction Agreement...

Business Potential for British Companies in Latin America

Business Potential for British Companies in Latin America

In recent times, market observers have noted an increase in interest from British companies in Latin America. Since 31 January 2020, the United Kingdom has officially exited the European Union due to the referendum in 2016, which voted for the so-called Brexit. As a consequence, the UK cannot take advantage of the free-trade market and the non-tariff barriers of the EU.In order to keep their internationally strong economic status, they need to establish new trade relationships. A long history, tracing back to the 19th century, connects the United Kingdom and Latin America. In times of economic uncertainty, the British now rely on their ‘old friendship’. We outline trade opportunities for British companies in the Latin American market. International relations supporting British companies in Latin America British officials are regularly inviting leaders of Latin American countries and increasing diplomatic staff numbers across Latin America, as well as reopening British Embassies. The United Kingdom was one of the first countries to recognize the potential of Latin America in the 19th century. As a result, they played a key role in the independence movements in Latin America by providing military and financial support. As an example, thousands of British volunteers fought in the armies of the Colombian Liberator, Simon Bolivar. Due to these close links, the United Kingdom has contributed enormously to Latin America's early economic development. In the 20th century, the United Kingdom somewhat neglected the once-interwoven relationship with the Latin American nations and...

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