International Trade July Briefing
TRADE
UK-Ukraine Digital Trade Agreement
The UK-Ukraine Digital Trade Agreement (DTA) entered into force on 1 July 2024 following the UK and Ukraine’s completion of their respective domestic ratification processes. The agreement modernises the UK-Ukraine Free Trade Agreement in relation to digital trade. Digital trade presents huge opportunities for both Ukraine and the UK. It offers opportunities to revolutionise how goods and services are delivered across almost every sector of the economy. It can deliver growth and jobs in not only the finance and professional business services sectors, but also across retail, health, education, engineering, agriculture, manufacturing, creative industries, and many more.
EU – Provisional Countervailing duties (tariffs)
The European Commission announced provisional countervailing duties (tariffs) on imports of China-produced electric vehicles. This will apply from Thursday 4 July, with the highest duties of up to 48%. The UK has yet to initiate any similar review of China subsidies on the electric vehicles market.
EU adopts 14th package of sanctions against Russia
The EU Commission welcomes the Council's adoption of a 14th package of sanctions against Russia. The new package responds to the needs and findings on the ground, and tackles enforcement issues. The package contains important new energy-related measures targeting liquified natural gas (LNG), and measures targeting vessels which support Russia's war. As regards LNG, the package prohibits all future investments in, and exports to, LNG projects under construction in Russia. It will also prohibit, after a transition period of 9 months, the use of EU ports for the transshipment of Russian LNG. The package also prohibits the import of Russian LNG into specific terminals which are not connected to the EU gas pipeline network. The package also imposes stricter restrictions for the export of dual-use and advanced technology items to 61 entities – established in Russia (28) and in third countries (33) – which are directly or indirectly associated to Russia's military complex and thus contribute to supporting the Russia's war of aggression. In addition, the package also extends the import ban to helium which generates significant revenues for Russia.
GLOBAL TRADE
Trade and Investment factsheets
The most up to date snapshot of the UK’s trade and investment positions with trading partners overseas. These factsheets summarise the latest statistics on trade and investment between the UK and individual overseas partners. Trade statistics inform how we meet the challenges of trade policy and promotion in the UK.
The factsheets provide statistics between the UK and its partners on:
- exports, imports, and total trade
- trade by commodity and service type
- regional trade in the UK for goods
- UK market share for trading partners
- VAT-registered businesses trading goods
- foreign direct investment (FDI)
- summary trade and investment data as reported by each partner
- economic data and projections
Suffolk Chamber International News
Global Chamber Connect
Our international trade manager Koyas Miah attended the Global Chamber Connect Event hosted by the British Chamber of Commerce. This event brought together BCC’s global network of Chambers to promote collaboration and drive trade and inward investment.
Koyas made some useful connection with the Chamber network, there was interesting insights shared by global network on trade with UK and UK’s place in the world. There were also discussions on how the network can drive imports/exports and increase FDI (Foreign Direct Investment)
BCC Global Conference 2024
A team of Suffolk Chamber delegates attended the Global Annual British Chambers of Commerce event on the 27th July 2024 at the QEII Centre in London.
As part of the British Chambers we benefit from a unique national network with local knowledge and a global reach in over 75 markets worldwide. 🌎
The theme for this year’s Global Annual Conference was “The Future of the Economy” and the conference was centred around five key areas;
👩💻 People and Work
🌍 Global Britain
💻 Digital Revolution
🌳 Green Innovation
📈 Local Economy of the Future
During her keynote speech, Shevaun Haviland, Director General of the British Chambers of Commerce, said “Business wants a long-term sustainable economic growth plan, some call it an industrial strategy, call it what you like, but what we need is a plan for the next 10, 15, 20 years and beyond.
Firms do not want handouts they want government to create the right environment so they can thrive. Whoever wins next week, we are ready to lean in and help our new government power the economy."
The international presence at the conference provided valuable opportunities to build connections and enhance international trade relations.
As one of the 53 accredited UK Chambers, we are committed to shaping the economy for the better. The Chambers of Commerce is a dynamic network amplifying its members' voices, enabling companies to drive change locally and globally.
At Suffolk Chamber, we support our business community by addressing their priorities through advocacy, membership services, events, and initiatives.
Suffolk Chamber International Trade Group (SCITG)
The aim of Suffolk Chamber International Trade Group (SCITG) is to share experiences to support international trade and make sure Suffolk businesses continue to grow and thrive. As well as hearing from policy and thought leaders. The meeting was run under Chatham House rules which allowed for an open and frank discussion.
At the meeting on the 18th June 2024, our guest speaker Neil Bird from Gaston Schul gave an update on some of customs latest issues and changes including:
Boarder Target Operating Model (BTOM) – changes that came into effect from the 30th April 2024. Such as: Plants, products of animal origin and high-risk foods not of animal origin imported from the EU are now categorised according to risk, Goods of medium and high risk are now subject to Port Health inspections, and the need for exporters to provide export health certificates (EHC) and importers have to complete CHED (CommonHealth Entry Documents) for certain products. There was also mention of the switch over from CHIEF to CDS and EU CBAM requirements, the expectation of the UK CBAM requirements and what this may means for Suffolk businesses.
The businesses had engaging conversations and discussions around the table on their custom challenges and knowledge sharing. Thank you to the group for their input and thank you to Stuart Gregory (board member of Suffolk Chamber and the MD of Wallis Shipping) for chairing the event.
For further details on the group or if you would like to be part of the SCITG, please contact the international team on international@suffolkchamber.co.uk
Events
Suffolk Chamber International Trade Event - Egypt, The Changing Landscape
📅 Tuesday 23rd July
14:00pm –16:30pm BST
University of Suffolk
The Atrium Building, Seminar Room
Long Street
Ipswich
IP4 1LQ
Suffolk Chamber of Commerce, in partnership with Egyptian-British Chamber of Commerce, is holding a market event focusing on Egypt and trade opportunities for Suffolk exporters and importers.
Egypt was the UK’s 47th largest trading partner in the four quarters to the end of Q4 2023. A total of goods and services between UK and Egypt was £4.7 billion (Exports £2.7 billion, imports £2 billion). The East of England was Egypt’s 3rd largest trading partner of imports and exports for 2023. We will be joined by our guest speaker Mark Lawrence, Managing Director of Egyptian-British Chamber of Commerce.
The event will cover:
- Overview and the changing landscape of Egypt
- Trade opportunities
- How to trade
Thames Valley Chamber – Trading with Japan Webinar
📅 Wednesday 17th July
9:30am –10:30am BST
Online
As part of the UK Chamber of Commerce Expo 2025, Osaka programme, this webinar, in partnership with the British Chamber of Commerce in Japan, will highlight wealth of trade opportunities available to UK businesses in the Japanese market.
Japan is currently the UK’s 14th largest market, with 2023 UK-Japan trade valued at £27.6 million.
As the world’s 3rd third largest economy, Japan with the stability of its market, its large, wealthy, and highly educated consumer base, and the good business ethics of Japanese companies make it an attractive trading market for UK businesses.
This webinar will provide delegates with:
- A brief overview on trading with Japan.
- Opportunities open to UK Business
- A UK traders prospective.
- information on Expo 2025, Osaka, Japan
UK Export Academy
How to build your business in the EU
📅 Tuesday 23rd July
10:00am –11:00am BST
Online
This webinar looks at how the UK-EU Trade and Cooperation Agreement (TCA) can help you increase your profits and customer base in the EU.
The UK-EU TCA means an agreement on reduced tariffs for UK businesses selling their goods and services moving from the UK to European customers.
Find out what the TCA means for you, along with any necessary regulations and controls you need to consider when trading with the EU, and the principle of rules of origin (ROO) may apply to your goods. Register
Understanding export controls
📅 Friday 26th July
10:00am –11:00am BST
Online
There are restrictions on the movement of some goods across international borders. Much of this depends on the types of goods you are exporting, and the rules relating to your product area. This webinar will begin by outlining the importance of finding and understanding which controls apply to your goods.
For those who are exporting military or dual-use items, we will also cover the UK Export Licensing system and outline factors to consider before beginning your export journey. Register
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Suffolk Chamber