International Trade Update

See below some recent updates around International Trade (21st October 2021).

If you would like to contact our team to discuss any of the below or to get help with International Trade, have a look in our International Trade section on the website or email us on international@lincs-chamber.co.uk / call 01522 523333 (option 3).

UK – NZ Free Trade Agreement

The UK and New Zealand Prime Ministers reached an Agreement in Principle (AIP) on 20th October 2021 on a free trade agreement (FTA) between the two countries. The AIP must now be negotiated into a treaty, which could take several months. The final FTA is expected to:

– lower tariffs on agri-food and motor vehicle exports;
– establish a new skilled labour mobility scheme with recognition of professional qualifications;
– create new rules to stimulate green trade; and
– have an ambitious digital trade chapter.

Read the Ten key benefits of the Agreement compiled by the Department of International Trade (DIT). BCC released comments welcoming the AIP last night and are seeking engagement from both sides on the draft legal text.

Protocol on Ireland/Northern Ireland

Negotiations between the UK and EU began in Brussels this week on compliance with the Protocol. They are expected to last several weeks. The European Commission released policy proposals to cut NI border controls and checks last week

Global Investment Summit

The UK government hosted a Global Investment Summit in London and Windsor this week. The UK Prime Minister unveiled a ten point plan on green investment and announced nearly £10bn in new inward investment projects focused on environmental goods and services. DIT also published a new Investment Atlas covering all UK nations and regions and many sectors.

BEIS Select Committee

BCC’s William Bain took part in an evidence session on Supply Chains at the BEIS Select Committee on Tuesday, raising issues such as shipping costs and availability of steel and granite imports as well as other key points from the BCC Quarterly Economic Survey. This week, we wrote with MakeUK to the Competition and Markets Authority on a potential enquiry on anti-competitive practices in global shipping markets affecting UK companies.