The North East is aiming to take advantage of the Government’s drive to set up freeports around the UK with a ‘free trade zone’ that works across a number of key sites.
An application for a free trade zone has been submitted to the Government by the North East LEP, which hopes the plan will regenerate key sites in the area.
Free trade zones are areas within a country’s land border where different custom rules apply. The Government is currently considering adopting a number of freeports around the UK as part of its strategy to strengthen trade relationships and secure inward investment.
Applications opened this week and bids have been submitted around the country by ports and LEPs around the country.
The LEP has been preparing its bid for month as part of a collaboration with a number of partners, including the ports of Blyth, Sunderland and Tyne, Newcastle International Airport, the North East and North of Tyne Combined Authorities, Business Durham, the CBI, the North East England Chamber of Commerce, Sunderland, Durham, Newcastle and Northumbria universities, the Offshore Energy Catapult and Nexus.
The North East’s application differs from others in that it will include a number of different sites with the aim of linking key manufacturing sites in the region to ports.
It will also be a ‘digitally enabled’ free trade zone, allowing the region’s digital sector to work to improve the operation and efficiency of Freeports. It is also hoped the tech innovation will also stimulate job growth in key sectors such as advanced manufacturing, energy, digital, and transport.
Lucy Winskell, chair of the North East LEP, said: “Freeports offer the potential to generate new employment, revitalise our coastal areas and significantly boost the local economy. Over the past few months, we have been working very closely with a range of partners to prepare the ground for a collaborative bid which underlines the ambition and determination of the region to succeed.
“A North East free trade zone bid will give us the opportunity to build on our industrial and logistics assets, support our supply chains and clusters and demonstrate our range of digital and innovation capabilities.
“The Government is committed to levelling up the UK economy with a focus on strengthening the economies of key industrial heartlands, such as the North East. This proposal will shore up some of our most disadvantaged communities. The region is working together to seize this opportunity to show why we are deserving of freeport status and how it will strengthen our position on the national and international stage.”
