In this edition of Export News from Expordite, we’ll cover the top 10 UK export news and headlines from week 42 of 2023 — October 16th-22nd, 2023.
General Export News:
“The UK has secured a two-year extension to rules which help British companies to access lower or zero tariffs when selling goods to South Korea.
The extension has been secured under the UK-South Korea free trade agreement and comes as welcome news for businesses who can continue to avoid the high tariffs imposed by South Korea on products entering the country.
It also comes ahead of the launch of negotiations on a new, modernised trade deal between the UK and South Korea which will cover new sectors like digital, expected before the end of the year.
The UK’s trade with Korea has more than doubled since the original FTA was negotiated. “
“The UK Advertising Exports Group (UKAEG) will deliver a special programme of events for the Department for Business and Trade’s (DBT) International Trade Week which runs from November 6-9. The programme continues UKAEG’s partnership with DBT to support the industry’s global new business drive, showcase its role in the UK’s wider export strategy and the role of creatively impactful advertising and marketing communications in a brand’s international strategy. Companies from across UK advertising can participate in activities designed to help businesses, large or small, maximise their growth potential in international markets.”
Source: Little Black Book
“Delegations from seven African nations join leading UK companies and investors to advance partnerships that promote economic growth and jobs.
Senior government ministers, leading business executives and investors from seven African nations will join UK leaders at the second UK-Francophone West and Central Africa Trade and Investment Forum (WCAF) taking place in London today (17 October) and tomorrow.
Organised by UK Export Finance (UKEF) – the UK’s export credit agency – and DMA Invest, the Forum brings together prominent representatives from Benin, Cameroon, Cote d’Ivoire, the Democratic Republic of Congo, Guinea, Senegal and Togo to discuss new trade and investment opportunities with their UK counterparts that will benefit British businesses. It forms part of the Prime Minister’s priority to grow the economy.”
“The British Office Taipei, together with the British Chamber of Commerce in Taipei are hosting the UK Pavilion at Energy Taiwan for the third consecutive year, bringing 14 British offshore wind supply chain companies to showcase UK offshore and floating wind expertise in Taipei Nangang Exhibition Centre Hall 1 from 18-20 October.
With the largest number of British companies’ participation in the UK Pavilion this year, it clearly demonstrates the UK’s commitment to support Taiwan’s 2050 net zero goals with strong renewable energy development ambitions. There are more than 40 UK offshore wind companies with offices in Taiwan, many of these offices serving as the regional Asia-Pacific hub. The UK Government’s UK Export Finance has already provided more than £500 million in export credit guarantees specifically for three Taiwanese offshore wind projects since 2019.”
“Guarantees issued by UK Export Finance (UKEF) are allowing London-based consultancy Gleeds – working alongside partners Mace and Arup – to help Peru rebuild towns and villages after El Niño brought devastating floods to the country in 2017.
UKEF now builds on this success story by announcing a £1.75 million boost to the government-backed financing available for Gleeds’ overseas projects.”
“Rishi Sunak’s government is quietly drawing up plans to hold key trade talks with China for the first time in five years.
Whitehall is examining several options for strengthening economic ties with China, including the revival of ministerial trade talks, according to two U.K. government officials briefed on the discussions.
One option being looked at is convening the U.K.-China joint economic and trade committee (JETCO) for the first time since 2018, both officials said.”
“Tech founders in the West of England and across the UK have the chance to explore Hong Kong’s burgeoning tech ecosystem next month.
Tech West England Advocates (TWEA) is a trade mission – Mission to Hong Kong – Your Tech Gateway to Asia Pacific – from 13-17 November that is backed by a range of partners including Bristol & West of England China Bureau.
The event has been open for the last month to UK tech founders with export-ready technologies in areas including cleantech, healthtech, fintech, AI, robotics, regtech and SmartCity tech, and to investors and VCs.”
Source: Business Leader
“The Society of Motor Manufacturers and Traders (SMMT) is today urging the EU and UK to strike an immediate agreement to avoid damaging Brexit tariffs on electrified vehicles. The plea, echoed by the EU auto sector, is to delay the implementation of tougher new Rules of Origin (ROO) requirements on batteries which could render EU and UK made electrified vehicles uncompetitive in each others’ markets.
As the clock ticks down to the 1 January 2024 ROO introduction, new calculations lay bare the impact the new rules, set under the EU-UK Brexit deal, would have on vehicle affordability and competitiveness. Electrified vehicles that do not meet the new thresholds will be subject to a 10% tariff when traded across the Channel, resulting in a combined cost of £4.3 billion.1 For the consumer, this could mean an average price hike of £3,400 on EU-manufactured battery electric vehicles (BEVs) bought by British buyers, and a £3,600 rise on UK-made BEVs sold in Europe.”
Food Export News
“Strike action by government employed vets in Northern Ireland will disrupt checks at ports and abattoirs, the NIPSA union has warned.
Union members in the Veterinary Service Animal Health Group (VSAHG) will begin five days of action on Monday, 30 October. Initially vets at the ports will walk out, with other members to follow.
More than 150 vets work in the VSAHG, along with technical, administrative and policy-making staff.
The vets play a role in food safety, carrying out import and export checks, animal welfare inspections and developing policy.”
Source: BBC News
“The UK government’s Food and Drink Export Council (FDEC) is set to hold its first ever meeting in Perth, Scotland, next month.
The meeting, which will be held on Wednesday, November 8 during International Trade week at the Black Watch, is aimed at Scottish food and drink businesses already exporting that wish to expand and grow their exports.
The free to attend event will consist of interactive sessions on creating strategic export plans, understanding export markets and identifying and building relationships with overseas partners.”
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Feature image credit: Erich Westendarp