Deputy Minister Jacek Tomczak met with UK Trade Policy Minister Greg Hands
26.01.2024
Economic cooperation, Polish companies' access to the British market, World Trade Organization reform, and the reconstruction of Ukraine were the main issues raised during a conversation between Deputy Minister Jacek Tomczak and UK Trade Policy Minister Greg Hands.
The United Kingdom is one of Poland's most important trading partners. In 2022, it returned to the 3rd position (after falling to 4th in 2021) in Polish exports (behind Germany and the Czech Republic) and ranked 9th (16th in 2021) in Polish imports. We look forward to continuing dynamic cooperation
- declared Deputy Minister Jacek Tomczak.
In addition to issues related to trade and investment cooperation, it was also discussed, it was also discussed among other issues, the implementation of the Trade and Cooperation Agreement (TCA) between the European Union and the UK, reform of the World Trade Organization, the organization of the Polish-British Business, Trade, and Investment Forum and the reconstruction of Ukraine.
The Polish government is interested in WTO reform, including reforming and restoring the dispute settlement system and launching a work program on industrial subsidies. We hope that a group of like-minded countries will get involved in this topic
– said Deputy Minister Jacek Tomczak.
Growth in Polish-British economic cooperation
Polish-British merchandise trade in 2022 exceeded €23.2 billion, up 23% as from 2021. Polish exports amounted to more than 16.8 billion euros, and Polish imports to more than 6.4 billion euros. Poland's positive trade balance was €10.4 billion.
In Polish exports to the UK, the highest growth rates were recorded in mineral fuels, lubricants and related materials, food and agricultural products, chemicals and related products, and machinery, appliances and transport equipment.
The UK ranks 7th among foreign investors in Poland. In 2022, foreign investment by British companies amounted to €1.3 billion, or 4.4% of all foreign direct investment (FDI) placed in Poland in that year. Cumulative Polish direct investments in the UK at the end of 2022 amounted to more than €1.5 billion, which means that the UK is the 4th largest recipient of our investments.
