10 UK Export News You Might’ve Missed – Week 29
(Also published on LinkedIn)
In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 29 of 2023 — July 17-23, 2023.
Key News:
- UK and Turkey to negotiate new trade deal
- Electronic trade documents bill becomes law
- Accession of the UK to the CPTPP: sector explainers
General Export News
1. UK and Turkey to negotiate new trade deal.
“The UK and Turkey have today [18 July] announced plans to begin talks on an updated free trade agreement (FTA).
The deal would replace the existing UK-Turkey FTA, which was rolled over from when the UK left the European Union and doesn’t cover key areas of the UK economy like services, digital and data. The UK is the second biggest services exporter in the world – behind only the US, and the services sector contributes around 80% of the UK’s GDP.
The new FTA is an opportunity to strike a 21st century deal that is better suited to the modern economies of both the UK and Turkey, covering areas such as digital trade and services.
It would build on an already thriving trading relationship which reached £23.5 billion in 2022 – up more than 30% from the previous year – and better support UK businesses exporting or looking to export to the country. A new FTA could also potentially lead to cheaper goods and more choice for UK consumers.”
Source: GOV.uk
2. Electronic trade documents bill becomes law, marking ‘new trade future’ for UK trade
“The Electronic Trade Documents Act (ETDA) received royal yesterday (20 July), marking the start of the “UK’s new digital trade future” as electronic documents will now have the same legal status as paper ones.
The law allows the trade community to take advantage of paperless trade and could see a move towards wider digitisation in importing and exporting.
The government’s aim is to make international trade cheaper, more sustainable and more efficient by removing reliance on old-fashioned paper, with the hope that this could boost the UK economy by £1bn over the next decade.
The ETDA lists bills of exchange, bills of lading and warehouse receipts as commonly-used documents that could be digitised.”
Source: The Institute of Export & International Trade
3. New Monthly HMRC Exchange Rates
“The new exchange rates for August have been published.”
Source: GOV.uk
4. UKEF to provide improved terms and conditions for climate-friendly exporters
“Participants to the OECD Arrangement On Officially Supported Export Credits – including the UK – have agreed a significant modernisation package meaning that export credit agencies like UKEF can offer greater incentives for climate-friendly and green transactions. For example, UKEF can now offer longer repayment terms and more flexible repayment structures for an expanded range of renewable and green transactions.”
Source: GOV.uk
5. UK FTA: Template for other trade pacts in mind, India moves cautiously
“AS INDIA AND the UK engage in negotiations to resolve contentious issues in the ongoing talks for the India-UK Free Trade Agreement (FTA), the overarching focus from New Delhi’s perspective is to ensure a comprehensive deal without ceding too much ground, given that this deal will serve as a template for all upcoming trade pacts, including ones being discussed with the EU (European Union) and the EFTA (European Free Trade Association) countries viz., Iceland, Liechtenstein, Norway and Switzerland.
Officials said the nitty-gritty and contentious issues of the trade pact revolving around intellectual property rights, global value chains, digital trade and rules of origin are being discussed threadbare for the UK FTA, in what is being seen as the most expansive trade deal ever undertaken by India, with the pace being moderate and steady to ensure maximum gains.”
Source: The Indian Express
6. Accession of the UK to the CPTPP: sector explainers (web version)
“Explanation of what CPTPP means for different sectors, including construction, food, services and manufacturing.”
Source: GOV.uk
Food Export News
7. International buyers meet UK exporters to discuss red meat opportunities at Great Yorkshire Show
“From 11 July to 16 July, buyers from markets including Qatar, Kuwait, Philippines, Taiwan, the UAE, Canada, the USA and Mexico headed to the UK to discover more about sustainable beef, lamb and pork production and to examine potential new business opportunities.
The trip included visits to farms and processors and the chance to meet with farmers at the Great Yorkshire Show on 12 July to find out more about high quality meat production in the UK. A business match making event was also included in the programme where the visiting buyers met with leading UK meat export companies.
The visit follows the recent launch of our new export strategy Beyond Borders, which is aimed at increasing market access and export sales while encouraging and supporting more businesses to export.
Last year the value of UK red meat exports hit record levels at £1.7 billion and global meat consumption is expected to grow by 1.8% from 2023 to 2024.”
Source: AHDB
8. The Virginia Beer Company Launches Summer ’23 UK Export Initiative
“Don’t call it a comeback…but The Virginia Beer Company is excited to say that VBC is back in the UK!
“Since 2018 we’ve been proud to take part in regular trade missions to the United Kingdom,” notes VBC Co-Founder Chris Smith. “Through partnerships at the state level along with national trade groups & international partners, we’ve had the good fortune to share a lot of good fun in the UK.”
In 2023, the Virginia Beer Co. is making a full “holiday” of it across the pond as the VBC team is attending both the Manchester Craft Beer Festival in July and the London Craft Beer Festival in August. The brewery will have dedicated Virginia Beer Co. pouring stations at both events…and guests will be able to find additional beers from the brewery at the London event, as VBC will be part of a group of US breweries pouring at the Brewers Association EDP‘s LCBF pop-up as well.”
Source: Brewbound
9. Scots weigh up effects of free-trade deals
“Scottish sheep and beef outputs are forecast to fall sharply as a result of new free-trade agreements, according to industry analysis.
The liberalisation of free-trade agreements could see Scottish sheepmeat output drop by 10.5-11.1%, while beef output could fall by 2.8-6.1%.
A report produced on behalf of the Scottish government by the Andersons Centre outlines the effect of selected UK free-trade deals on producers in Scotland.”
Source: Farmers Weekly
10. Salmon sector welcomes new aquaculture vision
“The Scottish Government has today published its long-term vision for the nation’s aquaculture sector, recognising its “crucial role” in contributing to food security, net zero and high-skilled jobs.
Salmon Scotland, the body which represents the farm-raised salmon sector, has welcomed the publication.
As well as being the UK’s largest food export, Scottish salmon generates £760 million for the local economy every year and makes up 9.4 per cent of the entire marine economy, ahead of fisheries at 7.3 per cent.”
Source: The Northern Times
Want to get more international trade content straight to your inbox?