UK trade data for October 2022
released last week showed a further fall in export performance. Goods exports fell by 4.7 per cent in October, with a better outcome on imports, with a rise of 2.3 per cent, largely driven by a rise in chemicals imports from the EU. Read the British Chambers of Commerce (BCC) reaction
to this latest trade data.
The BCC gave evidence to the House of Lords European Affairs Committee last week on mobility arrangements under the UK-EU Trade and Co-operation Agreement. William Bain described the difficulties experienced by many economic sectors in recruiting as well as the call for reform of the mobility rules on services and general business travel under the TCA. You can watch the evidence session here
. A summary of his key points and the questions he was asked can be found here.
The BCC met with Financial Secretary to the Treasury Victoria Atkins MP last week and discussed the latest feedback from UK firms trading with the EU. We will be briefing her officials on the forthcoming TCA: Two Years On publication we will be releasing imminently.
International Trade Secretary Kemi Badenoch has been leading the UK delegation in trade negotiations with India last week. Since October there have been no fixed timelines on these discussions as mobility arrangements and market access offers for goods and services are considered the most difficult parts of these negotiations.
The BCC welcomed
the launch of the call for input
on an upgraded free trade agreement with South Korea. Arrangements on rules of origin are due to expire but the negotiations also offer opportunities to expand e-commerce and digital trade with South Korea. The consultation period lasts until 2 February 2023.
New legislation and guidance on the ban in provision of services from the UK to Russia/Belarus in the fields of advertising, IT consultancy, architecture, engineering, auditing comes into force tomorrow. Rules on banning of legal services provision are due in the New Year.
Marking and placing CE-marked construction sector goods on the UK market has been extended until 30 June 2025. This follows earlier announcements on electrical and industrial goods whereby marketing of CE-marked items is lawful until 31 December 2024.
In Brussels last week, an agreement was reached
between the European Commission and Parliament on the Carbon Border Adjustment Mechanism legislation affecting high carbon produced steel and iron products among others. The scope of this will be extended to cover bolts and screws made of iron and steel from third countries (like the UK), and reporting requirements for importers in the EU could come into effect from 1 October next year. We will be speaking to the EU shortly about this legislation which has still to complete further stages before it becomes law.