Global Update

The latest news, events and training to assist you with your International Trade activities.
Almost 25% of exporters to the EU considering holding back activity

Results from the latest Chambers of Commerce survey, in partnership with moneycorp, found that while 44 per cent of UK exporters to the EU plan to grow their exports to the European Union, nearly a quarter (23%) are looking to either reduce their activity in the EU or have no activity at all in the next 12 months, following the ratification of the UK-EU Trade and Co-operation Agreement. Two-thirds of UK businesses are looking to increase activity in the domestic market.

Fieldwork for the survey, which received 1,024 responses from UK firms overall, 466 of whom were exporters to the EU, was undertaken between 18-31 January 2021. It found that:

  • For UK exporters to the EU market, 44% said they plan to increase activity in the EU export market, 27% will consolidate rather than grow, 10% plan to have no activity in the EU, and 13% will decrease activity
  • Overall, almost two-thirds (60%) of UK firms plan to increase activity in the domestic market. 28% said they will consolidate rather than grow, 2% said they have no plans to be active in the UK market, and 5% will decrease activity
  • One-fifth (21%) of firms say currency risk is more of a concern than two years ago. Manufacturers (28%) are more likely to report concerns.
Click here to read the full article.

Iraq documentation update

We have been advised of the following special requirements from the Arab-British Chamber of Commerce:

1) With effect from 18 February 2021: Commercial Invoice must ONLY state a UK address. Any mention of a foreign address on the invoice, whether printed or stamped, will not be accepted. Even if the original consignor is foreign and a UK agent is shipping on their behalf, only the address of the UK agent is to appear on the invoice.

2) With effect from the 18 February 2021: If the goods being consigned contain chemical materials, medicine, food, foodstuff, agricultural or animal products, a valid import licence must be provided. This import licence is to be issued by the State Company for the Iraqi Fairs and Commercial Services.

3) With effect from the 18th February 2021: If the consignee is a public sector entity (governmental company), a copy of a valid contract between the consignor and consignee must be provided.

What is an ATA Carnet?

The ATA Carnet, often referred to as the "Passport for goods", is an international customs document that permits the tax-free and duty-free temporary export and import of non-perishable goods for up to one year.

Things we need to know when you wish to enquire about obtaining an ATA Carnet:

  • What are the goods? (so we can categorise them correctly)
  • The total value of the goods being shipped?
  • How long do they need the guarantee for? Two months, six months or 12 months
  • What Countries will they be visiting? (we need to know all Countries even if they are just transiting through some of them).
Click here for the list of countries that accept Carnets.

Costs:
£75.00 (plus VAT) Global members
£105.00 (plus VAT) Corporate members
£175.00 (plus VAT) Non-members

These costs are in addition to the costs involved with the Carnet (which can vary dependant on goods, country, and timespan of Carnet).

For more information, please contact the International Trade Team on 01223 237414.
International Trade Training Courses
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Letters of Credit
Tuesday 9 March, 10.00am-2.30pm

This workshop covers the five main types of payment for exports and will give delegates a better understanding of how important it is to getting documents right first time avoiding delayed payment of goods exported.
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Inward and Outward Processing
Tuesday 16 March, 10.00am-2.30pm

The course will cover special procedures and the benefits of using IP and OP in your compliance.
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Understanding Rules of Origin
Tuesday 23 March, 10.00am-2.30pm

This course will explain all aspects of the Rules of Origin and Trade agreements and how to understand and comply with them to help companies be more competitive in export markets.
SAVE THE DATE
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The first virtual British Chambers of Commerce Global Annual Conference will run over two days and feature:

High-level keynotes
Expert panel sessions
Practical workshops
A virtual exhibition

The annual event has a fresh look and a new virtual stage which means it's accessible to everyone, anywhere in the world.

Tickets go on sale on 1 March and will be available to purchase from the Chamber website.
Contact the Chamber

01223 237414 •  chamber@cambscci.co.uk
Cambridgeshire Chamber of Commerce
Clifford House, 2 Station Yard, Oakington, Cambridge, CB24 3AH
www.cambridgeshirechamber.co.uk