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FREE Webinar: Changes to trading with the EU since Brexit

On the 3rd of March, we’ll be joining Liverpool Library for a free webinar on trading with the EU following the UK’s departure from the European Union.

In this webinar, we will look at the implications for your business, what it means for your exports, imports and future opportunities. We will identify the challenges you need to address to successfully export to the EU post-Brexit, including the new rule changes that came into force at the beginning of 2022.

Presented by Go Exporting CEO Mike Wilson, we will cover the following:

• What are the changes we have seen in our relationship with the EU post-Brexit?

• How do you identify the challenges in your business that you need to consider?

• How do you address the challenges and successfully trade with the EU?

• What are the opportunities brought about by Brexit and how do you make the most of them?

Register online at Eventbrite here.

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Global Britain Commission: £474 billion economic prize for boosting exports

The debut report from the Global Britain Commission has suggested how embracing ‘global Britain’ could deliver a £474 billion economic boost through increased export activity. 

The commission, led by former trade secretary Liam Fox, brings together some of the UK’s leading businesses to help make a success of Brexit, and drive the government’s global agenda. 

Released just four months following the commission’s launch in October last year, this first report covers a range of areas including what ‘global Britain’ means, why it matters and analysis of the size of the prize for local firms and the economy as a whole. 

Key takeaways include:

  • Raising per capita exports of goods and services to the level of Germany would mean an additional £474bn of UK exports annually.
  • This £474bn export boost could create up to 5.5m export-supporting jobs with a 7% higher-than-average pay. 
  • The US has the 19th highest rate of outward FDI per capita in the OECD. Raising this to match France’s level would equate to an additional £33bn of FDI outflow per year. 
  • The UK would see an extra £61bn of R&D investment if investment levels per person were raised to that seen in South Korea, supporting 1.9m jobs in the process. 
  • Raising the UK’s per-person venture capital investment levels to that of the US would be equivalent to an additional £19bn of VC funding each year. 

You can read the report in full here.

In his introduction, Dr Fox noted that: “The UK remains one of the world’s top destinations for inward investment for well-defined reasons; a well understood and respected legal system; a skilled workforce with relatively (at least in a European context) liberal labour laws; some of the world’s top universities, open to business collaboration; a stable regulatory environment; moderate taxation policy; a vibrant tech sector; good IP protection and a creative and innovative environment for business start-ups.

“All these elements form a sound basis for future prosperity if we take full advantage of these factors and develop our competitive advantages further. As a huge services producer and exporter, we offer many of the products that developing countries will require to develop their economic and social capacities.”

A winning export strategy for your business

At Go Exporting, we help ambitious businesses to open a world of opportunities through exports. Learn more about how we can help you develop an export strategy here.

For more expert insights and analysis on everything from finding the best export market for your product to preparing for  your export journey, sign-up to our Expert Exporter resource hub.

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Brexit causing “increased costs, paperwork and border delays”

A parliamentary report has highlighted how UK firms have been hit by increased costs and border delays due to Brexit. 

The report, created by the Public Accounts Committee, said that it was clear that leaving the European Union was also having an impact on UK trade volumes. 

Whilst businesses around the world have reeled from the impact of the pandemic, the report said it was clear that the EU exit was having a negative impact for UK businesses. 

PAc chair MegHillier said of the report that: “One of the great promises of Brexit was freeing British businesses to give them the headroom to maximise their productivity and contribution to the economy – even more desperately needed now on the long road to recovery from the pandemic.

“Yet the only detectable impact so far is increased costs, paperwork and border delays.”

The report set out a number of recommendations to the government to support UK businesses within the transition, including:

  • Government must set out its scenario planning and modelling for passenger volumes in 2022 and clarify how it will manage the increased pressures and any contingencies that may be required.
  • To minimise the costs to business as far as possible.
  • Government should identify what issues businesses are facing in relation to the new border requirements and in particular determine how they can provide SMEs with additional support.
  • Government should set out departments’ assessment of EU trader and haulier readiness, to determine whether any intervention by either itself or the EU may be required; and set out any plans for additional support.
  • Government should continue its efforts to resolve the challenges of the Protocol and ensure that departments are ready to put any negotiated outcome into operation.

Post-Brexit planning checklist

For many firms, this is a confusing and frustrating time, especially for those with limited experience of customs declarations, licenses, VAT on import and rules of origin.

We’ve created a free checklist to help you navigate the choppy waters and adjust to a new trading environment. 

Download your copy here

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‘Brexit Freedoms Bill’ aims to cut £1bn in red tape

UK prime minister Boris Johnson is hoping to ‘unleash the benefits of Brexit’ with a new plan designed to cut red tape for businesses. 

The Brexit Freedoms Bill will look to end the specific status of EU law within the UK’s legal framework, ensuring that future laws can more easily be amended to replace carried-over EU regulations. 

Numerous reviews of inherited EU laws have been undertaken to see where changes can be made to help businesses invest and create jobs. 

Some key areas that could see change include:

  • Changes to GDPR and data protection rules
  • Updates to laws surrounding genetic modification, clinic trials, transportation and AI
  • Slashing red tape for businesses

These changes would look to build on alterations already made by the government out of alignment with EU rules, including the simplification of alcohol duties, scrapping VAT on tampons and creating new subsidy schemes. 

Help for businesses

Any reduction in the amount of paperwork and required regulations to follow will be a big help for UK businesses who, since the start of the year, have seen the realities of ‘Brexit for real’ take hold as the transition period came to an end. 

Importing and exporting firms, in particular, have seen a massive amount of upheaval with new requirements around the HS code, customs declarations, rules of origin, pre-notification of imports, VAT and Incoterms (just to name a few!). 

At Go Exporting, we’ve created a free guide on the key changes since Brexit for UK businesses to help guide you through the new trading relationship. You can download your copy right here.

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UK and India begin free trade agreement negotiations

The UK has begun discussions with India over a free trade agreement at an event held earlier this month in New Delhi. 

International trade secretary Anne-Marie Trevelyan met with her counterpart Piyush Goyal to formally begin talks on a deal that would support access for UK firms into one of the world’s largest and fastest-growing economies. 

India is set to become the third-largest economy on the planet by the middle of the century with a population larger than the UK and US combined, with a growing middle class, that could help boost trade by up to £28 billion by 2035 and increase wages by £3 billion in the UK – supporting nearly 100,000 jobs and doubling current UK exports to the nation. 

A free trade agreement with India would also be a big step forward in the UK’s ambitions to refocus trade on the Indo-Pacific and potential membership of the Asia-Pacific trading block. 

Ms Trevelyan said of the potential FTA: “A deal with India is a golden opportunity to put UK businesses at the front of the queue as the Indian economy continues to grow rapidly. By 2050 India will be the world’s third-largest economy with a middle class of almost 250 million shoppers.

“We want to unlock this huge new market for our great British producers and manufacturers across numerous industries from food and drink to services and automotive.”

Read more: UK trade deficit with China trebles

“As an independent, deal-making nation the UK is broadening our economic horizons and forging stronger partnerships with the fastest-growing economies of the world. India marks the start of our ambitious 5-star year of UK trade and will show how the deals we negotiate will boost the economies across all nations and help level up all regions of the UK.”

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FREE WEBINAR: Tips on international marketing

Earlier this month we were delighted to join Business Wales to host a webinar on international marketing.

A critical element of a successful international business strategy, the webinar covered a broad range of elements including:

  • Defining your market
  • Knowing your market
  • Digital marketing
  • E-commerce
  • Conferences, exhibitions and advertising
  • Direct sales and marketing
  • Analysing competitors
  • Building an international marketing strategy

Watch the webinar for free below!

We created a free international marketing whitepaper to go alongside the webinar which goes into more detail on each of the aspects covered.

Download your free copy here.

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UK ports begin life under new trading rules

Ports in the UK have started the New Year under new rules with thousands of additional staff being deployed to help mitigate potential delays. 

As of the 1st January, traders now must meet full customs requirements including submitting declarations, paying VAT and exercise duty and also submitting new notifications surrounding animal products. 

This next phase of the UK’s departure from the European Union and Single Market is a big step for ports and businesses alike and marks the end of the transitional period for most firms. 

Chief executive of the British Ports Association, Richard Ballantyne, commented on the shift that: “This is another milestone for those involved in trade between Britain and Europe and we are hopeful importers will be ready to follow the new rules. There has been a huge amount of hard work from industry and government preparing new systems and processes, which have been developed at some pace. We are optimistic that these new arrangements will work although do expect there to be a small degree of teething difficulties.”

Read more: Rules of Origin guide & workbook

He continued: “That said, in terms of physical activities, much of the customs processes are relatively straightforward. Most UK ports with European trade are therefore more focused on the introduction of checks on animal and plant-based products at Border Control Posts, next July. This is where there will be significant changes to borders processes with the likelihood of interventions, delays and even extras costs for British importers.”

For more help and advice on what your business needs to be doing post-Brexit, download this free planning checklist

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UK trade deficit with China trebles

The UK’s trade deficit with China has more than trebled over the last year.

Data from the Department for International Trade shows that the UK imported £40.5bn more from China than it exported to the country up to June 2021 – a 240% rise in just 12 months. 

The surge has been caused by UK exports to the nation dropping 34%, whilst locked-down UK consumers spent big with imports from China surging 38%. 

The latest data has prompted fears that the UK is becoming too heavily dependent on Chinese goods, whilst ongoing concerns over human rights could see the government follow the US in banning certain goods where forced labour may have been involved. 

Liberal Democrat spokesperson on international trade, Lord Purvis, commented that: “It’s become apparent that the government is taking us on a very worrying journey of becoming heavily dependent on China for trade in goods, and moving away from our nearest market in Europe.”

Read more: UK Brexit losses dwarf new trade deal gains

However, the China British Business Council has said that the last 10 years have been a success for British businesses exporting into China – exports of which have more than tripled to £30bn, making China the UK’s third-largest trading partner.

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UK Brexit losses dwarf new trade deal gains

Analysis commissioned by The Independent has discovered that the combined benefit of all the new trade deals signed in the wake of Brexit ‘barely scratch the surface’ compared to the economic damage caused by leaving the EU. 

The boost from new deals, notably those with Australia and New Zealand, amounts to just 0.01-0.02 of GDP – or less than 50p per person. 

However, data from the Office for Budget Responsibility shows that the damage caused by leaving the single market is worth more than £1,250 per person. 

The Independent reports that the majority of new FTAs signed by the UK government, including those with Singapore and South Korea, are merely replacing treaties that the UK had already previously enjoyed as a member state. 

However, a spokesperson from the Department for International Trade commented on the new report that: “Our Global Trade Outlook – published in September – shows the centre of gravity on global trade is moving away from Europe and towards fast-growing markets in Asia-Pacific.

“Our strategy is latching the UK economy to these markets of tomorrow, and seizing the huge economic opportunities as an agile, independent trading nation.”

Read more: UK exporters coping with new rules but wary of future changes

However, academics from the UK Trade Policy Observatory noted that any new trade deals the UK signs would never conceivably cover the economic losses of Brexit. 

They noted that: “Non-EU partners account for about half of UK total trade and so, to counteract the OBR’s 4 per cent loss from Brexit, would require agreements with each and every one of them to induce trade changes that create a 4 per cent increment to UK GDP. That is nowhere in sight in the numbers in the table.

“The sad answer is that the government is happy to accept, on our behalf, the economic losses from Brexit in return for political benefits (sovereignty), and trade agreements with other countries are merely making the best of a bad job from an economic perspective.”

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Watch: Are Rules of Origin about to bite?

One of the biggest changes for UK firms trading with the EU since Brexit has been Rules of Origin.

In order for firms to claim zero duty, they must be able to prove that goods are predominantly of UK or EU origin. These are complex rules, and something that we created a detailed guide and workbook to help businesses understand what these rules are.

Earlier this month we joined Enterprise Nation for a Lunch + Learn event all about rules of origin and how new rules are about to bite as we head into 2022 and discussed in detail the requirements and how you can probe the origin of your products.

Watch the event in full on the Enterprise Nation website here.

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