Chief Minister & Attorney General tell London new treaty will unlock opportunities for Gibraltar

The Chief Minister and Attorney General have told a packed London Business Conference that the new treaty will unlock unprecedented business and investment opportunities for Gibraltar.

Speaking during a fireside chat at the Oxo Tower last night, Fabian Picardo and Michael Llamas said the treaty’s legislative framework, covering the free movement of goods and people, as well as the potential for expanded air links with Europe, would surpass anything previously possible under Gibraltar’s former EU membership.

Mr Lllamas revealed the current draft runs to 250 pages, and is divided into 7 sections.

A fireside chat with a spectacular view was just what was needed on a cold, rainy night in London.

This was the first-ever London Business Conference, hosted by Business Minister Gemma Arias-Vasquez, who told an audience of around 400 guests that Gibraltar was “upping its game and its product.”

The fully sponsored event featured a series of live podcasts, where speakers showcased the advantages of doing business, and living, in Gibraltar: a place where British Common Law applies, the UK is a short flight away, and Europe on its doorstep.

But the highlight of the evening was undoubtedly the fireside chat with the two men who were instrumental in the construction of the Treaty. Chief Minister Fabian Picardo and Attorney General Michael Llamas answered incisive questions from former Deputy Chief Minister Peter Montegriffo.

The Chief Minister said the moment the Treaty is signed, Gibraltar will cross the Rubicon - with the new legislative framework unleashing a new world of possibilities.

On the actual document itself, the Attorney General offered some insight into its complexity and length

With Gibraltar residency set to play a key role under the Treaty, the Chief Minister revealed he has established a committee in collaboration with industry stakeholders to ensure the requirements are clearly defined.

He explained that the new Treaty, combined with the existing tax agreement with Spain, will enable businesses to operate or invest across the border using Gibraltar-registered companies. And should any disputes arise, these can be resolved under British Common Law.

There was good news too for those who wished to import luxury goods, as there may be certain circumstances where they would not be required to pay the new transaction tax.

The Chief Minister said Brits applying to live in Spain might find they are aided by employment in Gibraltar, and, looking to the future, he confirmed that funds will be made available to assist companies in training staff so they can seize the new opportunities that lie ahead - including sectors not yet established on the Rock.

The message from the Business Conference was that Gibraltar is at a turning point, with opportunities there for the taking. As it looks towards the future, the Rock is very much open for business and preparing to take its place on a much bigger stage.