The UK and US reached a deeper consensus on data flows last week – a critical area in facilitating international trade. This is step forwards towards a UK-US data adequacy agreement which could permit further business data flows. Annual dialogues on digital services will also be held between both countries. Legislation is due to be brought forward next year. The BCC is supportive of these efforts.
The first round of UK trade negotiations with the Gulf Co-operation Council countries has been completed. UK negotiators are still trying to assess the scale of ambition for a free trade agreement on a range of issues from tariffs to market access for goods. The BCC is seeking a deep, comprehensive trade and investment agreement to boost exports and investment opportunities.
The ONS trade data for August 2022 was released yesterday. UK goods exports to the EU fell by 0.5% month on month. Fuel imports from the rest of the world amounted to more than a fifth of total UK goods imports
The Electronic Trade Documents Bill was presented to the House of Lords yesterday. The Bill gives legal status to holding electronic versions of bills of lading, bills of exchange and other trade documents. The Bill when passed should provide a reduction in red tape for UK exporters. The BCC welcomes progress with this Bill.
The BCC gave evidence on the Trade (Australia and New Zealand) Bill to MPs on the Public Bill Committee yesterday. During the evidence session, William Bain expressed the hope that the two trade deals can be ratified and in force as soon as possible for UK traders.