The UK government is re-introducing export credit support for businesses looking to trade with Argentina, after a near 20-year hiatus.

International trade minister Greg Hands announced during his visit to the South American region this week that up to £1bn of support will be available to help UK companies secure business in Argentina.

The support will be offered in the form of attractive financing terms, loans for delivering projects and insurance against the risks of operating in other countries.

“The UK’s expertise in areas like green energy and healthcare will form the basis of new trading relationships with South American countries as we leave the EU,” says Hands.

Bilateral trade between the UK and Argentina stands at £1.3 billion and is growing, according to the UK Department for International Trade (DIT).

A new UK-Argentina Commercial Dialogue group will be created to build a joint statement from the two countries in September that commits to boosting bilateral trade and investment by helping develop new commercial links and reducing existing barriers.

An updated air services agreement is also due to be signed, making it easier to establish more direct flights between the UK and Argentina and support increased commercial links.

Hands will also visit Brazil and Peru. In Brazil, UK companies will showcase new technologies which can help the country’s energy sector. In the last three years, the sector generated £2bn worth in contracts for UK businesses.

In Peru, the minister will announce US$200mn of capacity from UK Export Finance (UKEF) to help UK companies secure work on CAF projects. CAF is a development bank which funds projects to improve infrastructure, energy, water and sanitation in South America.