Welsh Government Strengthens Commitment to Free Trade Agreements with Focus on Fintech Priorities

The Welsh Government has reaffirmed its dedication to bolstering the country’s fintech sector through strategic participation in upcoming free trade agreements (FTAs). Recognizing the potential of FTAs to enhance trading conditions and unlock new opportunities for Welsh fintech companies in global markets, the government is actively supporting initiatives that align with the sector’s needs, including intellectual property safeguards and investment provisions crucial for scale-up ambitions.

In its latest statement, the Welsh Government expressed full support for the UK Government’s ongoing efforts to secure FTAs with key global partners, such as the Gulf Cooperation Council (GCC), India, Israel, the Republic of Korea, Switzerland, and Turkey. The government’s collaborative approach aims to ensure that Welsh priorities are consistently represented in these negotiations, particularly in areas that can drive economic growth and trade liberalization.

A core element of the Welsh Government’s strategy is to engage directly with fintech companies to gather insights on potential trade barriers and the specific provisions that would best support the sector’s international expansion. By maintaining an open dialogue with industry stakeholders, the government seeks to ensure that the unique needs of Welsh fintech firms are fully addressed in future trade agreements.

The role of the Welsh Government is to collaborate with the UK Government and consistently present Welsh priorities. The Welsh Government’s approach to Trade Policy has been recently published and is available here.

This proactive stance underscores the Welsh Government’s commitment to securing beneficial trade terms that will help Welsh fintech companies thrive in an increasingly competitive global marketplace.