The UK will on Monday (25 April) host the second transatlantic trade dialogue in Aberdeen aimed at boosting our £200 billion trade partnership with the US.
Department for International Trade and The Rt Hon Anne-Marie Trevelyan MP
24 April 2022
International Trade Secretary welcomes US counterpart Ambassador Tai to Aberdeen to discuss how transatlantic trade is delivering for the people of Scotland and the rest of the UK.
Talks focus on key sectors for Scottish economy and bring together iconic Scottish businesses including Walker’s Shortbread and innovative energy SME, Enpro-Subsea.
Figures show US investment is supporting over 100,000 jobs and generating nearly £50 billion for the Scottish economy.
The UK will on Monday (25 April) host the second transatlantic trade dialogue in Aberdeen aimed at boosting our £200 billion trade partnership with the US.
Against a backdrop of Aberdeen’s flourishing tech scene and world-leading energy sector, the dialogue will focus on agreed priority areas including digital and innovation, green trade, supporting SMEs and supply chain resilience.
Latest figures show the importance of transatlantic trade to Scottish workers, businesses and industry:
Nearly a quarter of the nation’s services exports are to the US
Scotch whisky exports continues to play a vital role in wider UK-US trade, with almost two thirds of beverages exported to the US coming from Scotland
The US is Scotland’s number one foreign investor, according to EY
US-owned businesses support over 100,000 jobs, generating nearly £50 billion for the economy
The Secretary of State for International Trade Anne-Marie Trevelyan will discuss the importance of trade for creating jobs and spreading economic opportunities throughout the UK – a key part of our levelling up agenda.
The dialogue will convene leaders from across Scottish, central and local government, a wide range of businesses as well as trade unions and civil society groups such as Trades Union Congress.
International Trade Secretary, Anne-Marie Trevelyan, said:
This dialogue gives us a platform to explore more modern, digital ways of trading. It will identify and resolve barriers to trade to make it cheaper and easier for businesses in Scotland and throughout the UK to do business with our US friends.
As two leaders in green innovation, it also gives us the opportunity to harness trade to tackle shared challenges such as climate change.
The Trade Secretary met with leaders on Sunday evening (24 April) from Scotland’s food and drink industry including Walker’s shortbread and Clootie McToot.
Attendees also included US spirits company Brown-Forman which owns three of Scotland’s top distilleries GlenDronach, Benriach and Glenglassaugh and employs hundreds of people in the UK. The firm hailed the lifting of tariffs on US whiskey thanks to the recent resolution of the S232 steel and aluminium tariffs dispute, and revealed it is now planning a multi-million pound investment in its Scottish facilities .
Ahead of the dialogue, Trevelyan and Tai will visit offshore energy SME, Enpro-Subsea in Aberdeen where Trevelyan will highlight the UK’s energy strategy aimed at securing energy security and independence, while we support the transition from fossil fuels to new technologies. The company demonstrates that achieving our environmental goals must go hand-in-hand with an evolving North Sea industry.
Discussions at the dialogue will provide a solid foundation for further engagement with the US. This includes ongoing work at a state-level such as mutual recognition of qualifications as well as continuing to remove barriers to trade.
The Government has already helped lift the ban on UK exports of lamb and beef and resolved the Large Civil Aircraft dispute, which removed 25 percent tariffs on Scotch whisky, resulting in huge wins for Scottish producers and exporters.
UK Government Minister for Scotland Iain Stewart said:
We’re delighted to host today’s talks in Aberdeen, marking a positive development in our already strong trade relationship with the US. Improving our partnership will create new high-quality opportunities for businesses in Scotland, including from our thriving food and drink, tech and energy sectors.
At a time when we face immense global challenges, joining with our friends in the US to lift barriers, improve communication and encourage new and innovative ways of working together will support jobs across Scotland and beyond, benefiting businesses of all sizes.
Shevaun Haviland, Director-General of the British Chambers of Commerce, said:
The UK and US are natural trading partners. These dialogues are an opportunity to build on that relationship and set new ambitious standards on sustainable trade. In a shifting and uncertain world, we must also take this opportunity to reinforce the resilience of our supply chains and stabilise prices.
Smaller businesses make up the majority of our membership, and the UK economy, so it’s vital they are given a voice in these talks and that they get to reap the benefits on both sides of the Atlantic. Supply chain disruption and soaring inflation have reduced the operating margins of many small firms to almost nothing, so reducing the costs of trade with the US would be a huge boost for them. This would then help communities right across the UK to see the benefits that improved trade with the US could bring.
Allan Hogarth, Executive Director of the Scottish North American Business Council (SNABC) said:
The SNABC is very much looking forward to participating in the Aberdeen session of the Transatlantic Dialogue, building on the success of the Baltimore session last month. These discussions will cover vital areas to the Scottish, UK and US economies – it is a great opportunity to make sure Scottish voices are heard on this, our single biggest export market, and to try and make it simpler for us all to continue to prosper and strengthen the transatlantic relationship for our mutual benefit.
According to EY, the US was the largest contributor of Scottish FDI projects in 2020. The 38 investment projects originating from the US accounted for 35.5 percent of all projects recorded in Scotland in 2020. EY’s Attractiveness Survey Scotland, June 2021
Join an upcoming virtual transatlantic seminar entitled “Accessing the US Healthcare Market: Basics for International Companies” which takes place on the afternoon of Wednesday, 18 May 2022. At this seminar, companies will hear from experts on the US health insurance market and from someone who successfully helped bring a UK medical device company to the City of Mentor. There will be opportunity for questions and discussion – and for companies to get some additional information on the aspects of bringing a company into the US market, particularly here in Mentor and Northeast Ohio. We were hoping you may be able to help publicize in your network.
Additionally, we wanted to announce that we are going to offer an in-person opportunity to learn more about the advantages of doing business in Northeast Ohio and the City of Mentor, particularly in the healthcare industry, through the 5th Annual Conference on Innovation and Trade to be held on 5-7 September 2022 in conjunction with the British-American Business Network (BABN) Transatlantic Conference on 7-9 September 2022 in Cleveland. While more specific details are currently being finalized and will be distributed to you via email soon, we wanted to let you know about these special opportunities now so interest parties could potentially block off time to attend. These conferences will highlight briefings with important players from the regional healthcare ecosystem, including the Cleveland Clinic and University Hospitals, government officials, venture capital information, area experts to discuss and review products, and B2B networking and meeting opportunities tailored to each company and the BABN Conference will highlight tracks in aerospace, technology, law, and healthcare among others. Please stay tuned for additional information on these conference opportunities in the coming weeks.
If you are interested, please contact – Malecek@cityofmentor.com
The British Chamber in collaboration with London Chamber of Commerce & Industry will be hosting a “Doing Business in Kenya Investment Seminar – Streamlining Your International Expansion” on 26th April 2022 at 11:00am BST time. The webinar will include UK Chamber members who are looking at investing in Kenya and East Africa at Large.
Topics to be covered are:
- Corporate Law & Set Up
- Accounting & Tax Compliance
- Security & Risk
Commenting on the data Head of Trade Policy at the BCC William Bain said:
“The effects of data collection changes still unwinding make monthly comparisons impossible, but taking a longer snapshot there are still issues of concern for businesses. EU exports were 0.3% lower in February 2022 than in December 2021. More firms are affected by higher export and import paperwork compliance burdens than a year ago. Overall goods exports in the three months to February 2022 were 1.2% lower than in the three months to February 2018.
“We are not seeing the sustained rise in exports out of the pandemic on the scale which UK businesses had hoped for. On some metrics trade is rising again, including with the EU, but not on the same growth levels being experienced by some of our largest trading neighbours.
“We urge policymakers to action the recommendations we set out in our Trade Manifesto and TCA: One Year On documents to raise exports and lower red tape burdens and costs for businesses. With growing headwinds to trade from the war in Ukraine now is the time to take action.”
UK trade data from the ONS remained volatile in February 2022 as changes in data collection methods unwind. The figures for February 2022 reported a 25% increase in exports (following a 22% decline the previous month). Comparing the last 3 months data together with that over the same period 4 years ago reveals that exports in goods were £1bn lower (1.2%). It is hard to discern therefore any sustained increase in UK exports of the levels currently occurring in our largest neighbouring trading partners.
Furthermore, the ONS Business Insights and Conditions Survey reveals increasing challenges faced by firms with export and import paperwork respectively. 68% of exporters and 70% of importers reported these challenges in February to March 2022 a rise of 7% and 9% respectively. This echoes BCC data which finds a similar worsening trend.
Exports to the EU were 0.3% lower in February 2022 compared with December 2021. Overall goods exports in
On goods imports from the EU, a 10.8% increase was detected over the period from the 3 months to November 2021 to the 3 months to February 2022. Overall UK exports rose in the same period by 4.1%, with EU exports up by 3.3%, and non-EU exports up by 4.9%.
BritCham Shanghai is proud to launch China’s first Creative Industries & Marketing Directory. This inaugural publication comprises over 100 high-quality international creative and marketing agencies from all over China.
Produced in both English and Chinese language versions, this Directory is being circulated across Chamber networks globally including (just to name a few):
- British Chambers of Commerce BCCUK and worldwide network (over 130+)
- Shanghai Entrepreneur Association (S.E.A.)
- Invest Shanghai
- British Council
- Department of International Trade
- Regional UK Government Agencies — Scotland, Wales and Northern Ireland
- Chinese Chamber of Commerce UK
The Directory is a much needed and powerful tool for marketing teams, brand managers, event organisers and business executives who wish to connect the best international agencies and talent operating in China today.
Featuring companies of all sizes — from micro to mega — the Directory represents a broad range of creative disciplines from Architecture, Design and Marketing to Photography, Theatre and Film companies and more. Each listing details the firm’s core services, location, size, website, social channels and critical contact details presented in a convenient interactive PDF format.
The Creative Industries & Marketing Directory is updated every quarter and is organised by BritCham Shanghai’s Creative Industries & Marketing Committee.
“Since the launch of our Creative Industries community late last year, we are excited to see our first major initiative come to fruition. It’s brilliant to showcase so many fantastic agencies in our first edition of the Directory which is one step towards illuminating the scale and quality of creative talent we have here in China.”
— Kirsten Johnston, Co-Chair of the Creative Industries & Marketing Committee and Founder/CEO of JWDK
The UK has today announced new economic sanctions against Russia.
The new sanctions will deny Russia and Belarus access to Most Favoured Nation tariffs for hundreds of their exports and ban UK exports of high-end luxury goods to both countries. The full press release can be viewed here.
In addition, UK Export Finance has announced it will no longer issue any new guarantees, loans and insurance for exports to Russia and Belarus, whilst retaining £3.5 billion of financial support for trade to Ukraine. You can view the press release here.
HMG officials are hosting two webinars for businesses about the recent changes to UK sanctions relating to Russia.
- UK Sanctions relating to Russia: Briefing by UK Government, Thursday 17 March, 13:00 GMT
The webinar will cover; sanctions legislation overview; new sanctions measures: financial, trade and transport; individual and entity designations; and humanitarian issues. Please register via Eventbrite.
- UK sanctions against Russia, Thursday 24 March, 14:00 – 15:30 GMT
The webinar will cover; the scope of sanctions, scope and application of trade sanctions; financial sanctions: restrictions and general licenses; the Export Support Service and enforcement of trade sanctions. Further details can be found here, and you can register here.
Businesses and traders with questions relating to trading with Ukraine, Russia, and Belarus can submit their enquiries to DIT’s Export Support Service by visiting https://www.gov.uk/ask-export-support-team, or calling the helpline using the number 0300 303 8955.
The British Chambers of Commerce has also put together useful links information here: Ukraine Support
Reacting to the signing of the UK-New Zealand Free Trade Agreement, William Bain, Head of Trade Policy at the BCC said:
“The BCC welcomes the signature of the UK-New Zealand free trade agreement today. This will mean zero-tariff trade for UK exporters with customers in New Zealand once the agreement enters into force early next year. It will also be easier for SMEs to access the New Zealand market as paperwork and red tape are reduced through modern provisions on digital trade. The FTA should be worth up to £800m to the UK economy and raise bilateral trade by around 60%.
“We also welcome the opportunities for business travel and being able to provide services in New Zealand on an equal footing together with a new entry route to facilitate this.
“The agreement will also boost trade in environmental goods and services – essential for the transition to Net Zero.
“We will engage with businesses in the UK and New Zealand to discuss the many plus points of this agreement, and hope to see it force as soon as possible.”
UK time: 09/03/2022 18:30 – 09/03/2022 23:30
Venue: Sheraton Grand Hotel & Spa, Edinburgh
Venue address: 1 Festival Square, Edinburgh EH3 9SR United Kingdom
Join China-Britain Business Council on 9th March 2022 in Edinburgh for the China-Scotland Business Awards and Chinese Burns Supper.
The 5th annual China-Scotland Business Awards will be recognising and celebrating achievements in trade and investment between Scotland and China, with five great awards up for grabs. The winners will be announced at a special ceremony during the Chinese-Burns Supper. To learn more about the Awards and our past winners please click here. View this year’s shortlist here.
Now going into its 9th year, CBBC’s Chinese Burns Supper has become a permanent fixture in the China-Scotland business calendar. The event will feature a fusion of Burns Night traditions with those of Chinese New Year as a backdrop for black-tie networking for the China-Scotland business and educational community.
Please note: Guests attending the event can buy tickets individually or as a table. Each table will seat 10 guests.
Register here: https://portal.cbbc.org/civicrm/event/info?id=2542&reset=1
Registration is Now Live!
Registration for the 2022 SelectUSA Investment Summit is now live. Join us in-person June 26-29, 2022 as the annual Investment Summit returns to the Gaylord National Resort & Convention Center in National Harbor, Maryland.
The SelectUSA Investment Summit is the highest-profile event in the United States dedicated to promoting foreign direct investment (FDI.) This year’s Investment Summit returns in its familiar format to provide exciting opportunities for more investors from more markets and greater representation from economic developers (EDO) across the nation to engage and interact – the 2022 Investment Summit will be the most highly anticipated and productive FDI event you attend all year.
- Explore interactive exhibitor showcases featuring EDOs, service providers, industry experts, and international tech startups.
- Network with 50+ states and territories, companies from 80+ markets, speakers, government officials and more; set up one-on-one or group meetings and make your investment deals happen.
- Learn from policy and industry experts in 100+ sessions providing you with actionable information on everything from developing a workforce to understanding incentives.
- Meet and form valuable partnerships with industry partners from across the United States.
The 2022 SelectUSA Investment Summit continues its commitment to feature exciting opportunities with innovation and entrepreneurship at the forefront.
- SelectUSA Tech returns to connect early-stage and startup technology companies to prospects for advancement in the U.S. market, where participants can exhibit at branded booths, upload a product and service demo video, and apply to pitch in from of a panel of judges, and much more.
- Select Global Women in Tech (SGWIT), launched at the 2021 Investment Summit, returns for its second year! Geared towards international female founders, entrepreneurs, and executives in the technology sector, SGWIT participants will participate in matchmaking with mentors to help them develop a market entry strategy, tailor their product and promotion for success in the U.S. market, have access to an exclusive networking platform, and hear from successful global female founders.
- Addressing Climate Change – in recognition of the importance of global climate priorities, agenda sessions are being organized to bring together stakeholders in clean energy and key sectors such as advanced batteries, energy storage, civil nuclear energy, offshore wind, and semiconductors.
The SelectUSA Investment Summit draws more than 3,000 attendees and has directly impacted more than $57.9 billion in new U.S. investment projects, supporting over 47,000 jobs across the United States and its territories. Historically, the Investment Summit attracts more than 1,200 business investors from approximately 80 international markets who join economic developers from almost all U.S. states and territories.
Join us to be part of this successful history and take advantage of all the information, innovation and investment opportunities the 2022 Investment Summit has in store. Apply now and we will see you in June 2022.
- 71% of exporters say EU trade deal is not enabling them to grow or increase sales
- Only 1 in 8 exporters think it is helping them grow or increase sales
- Majority think it has pushed up costs, increased paperwork and delays, and put the UK at a competitive disadvantage.
New research* carried out by the British Chambers of Commerce of more than 1,000 businesses has highlighted a host of issues with the UK’s trade deal with Europe. The BCC believes urgent steps should be taken to address these problems so the UK Government’s ambition to increase the number of firms exporting can be met.
Overall, just 8% of firms agreed that the Trade and Co-operation Agreement (TCA) was ‘enabling their business to grow or increase sales’, while 54% disagreed. For UK exporters 12% agreed that the TCA was helping them while 71% disagreed.
When asked to comment on the specific advantage (for those that agreed) or disadvantage (for those that disagreed) of the trade deal, 59 firms identified an advantage, while 320 cited a disadvantage.
Of the 59 comments received on the advantage of the TCA, firms said:
- It had allowed some companies to continue to trade without significant change
- It had encouraged firms to look at other global markets
- It had provided stability to allow firms to plan.
Of the 320 comments received on the disadvantage of the TCA, firms said:
- It had led to rising costs for companies and their clients
- Smaller businesses did not have the time and money to deal with the bureaucracy it had introduced
- It had put off EU customers from considering UK goods and services – due to the perceived costs and complexities.
This follows BCC research in October 2021, which found that 60% of exporters were facing difficulties adapting to the changes from the TCA on goods trade, while 17% found the changes easy.
Reacting to the findings, William Bain, Head of Trade Policy at the BCC, said:
“This is the latest BCC research to clearly show there are issues with the EU trade deal that need to be improved. Yet it could be so different. There are five relatively simple steps that UK and EU policymakers could take to ease the burden placed on businesses struggling with the trade deal.
“Nearly all of the businesses in this research have fewer than 250 employees and these smaller firms are feeling most of the pain of the new burdens in the TCA.
“Many of these companies have neither the time, staff or money to deal with the additional paperwork and rising costs involved with EU trade, nor can they afford to set up a new base in Europe or pay for intermediaries to represent them.
“But if both sides take a pragmatic approach, they could reach a new understanding on the rules and then build on that further.
“Accredited Chambers of Commerce support the UK Government’s ambition to massively increase the number of firms exporting. If we can free up the flow of goods and services into the EU, our largest overseas market, it will go a long way to realising that goal.”
The BCC’s five key issues, and the solutions needed, to improve EU trade are:
o ISSUE: Export health certificates cost too much and take up too much time for smaller food exporters.
SOLUTION: We need a supplementary deal on this which either eliminates or reduces the complexity of exporting food for these firms.
o ISSUE: Some companies are being asked to register in multiple EU states for VAT in order to sell online to customers there.
SOLUTION: We need a supplementary deal, like Norway’s with the EU. This exempts the smallest firms from the requirement to have a fiscal representative and incur these duplicate costs.
o ISSUE: As things stand CE marked industrial and electrical products will not be permitted for sale on the market in Great Britain from January 2023. The same is true for components and spares.
SOLUTION: We need action from the Government to help businesses with these timelines. Many firms are far from convinced about a ban on CE marked goods in Great Britain.
o ISSUE: UK firms facing limitations on business travel and work activities in the EU.
SOLUTION: Government needs to make side deals with the EU and member states to boost access in this area as a priority for 2022.
o ISSUE: Companies starting to be pursued in respect of import customs declarations deferred from last year.
SOLUTION: We need a pragmatic approach to enforcement to ensure companies recovering from the pandemic do not face heavy-handed demands too quickly on import payments, or paperwork.