We are thrilled to announce an upcoming milestone in international trade efficiency: the launch of Genesis, a groundbreaking digital trade tool designed to transform how businesses navigate the complexities of Free Trade Agreements (FTAs).
Contract milestone achieved with the ICC
In a significant step forward, we've signed a contract with the International Chamber of Commerce (ICC) for the commercialisation phase of Genesis, making us the only UK Chamber of Commerce to partner with the ICC in launching Genesis on a commercial scale.
What is Genesis?
Genesis represents the forefront of digital trade technology. Its primary aim is to streamline the verification and certification processes for preferential origin invoice declarations. By doing so, Genesis significantly reduces the risks of errors and fraud, ensuring smoother customs checks under FTAs, and bolstering the integrity of international trade.
Our pilot phase with Genesis has already demonstrated its potential, processing around 100 invoice verifications with our international trade customers. Beyond the Bean, a participant in the Genesis pilot phase, stated:
“We are honoured to be the first exporter in the UK to have been part of Genesis and had our UK preferential origin statement for Ireland verified on the platform, to prove that we comply with the free trade agreement we have with the EU.”
The road to commercialisation
The journey to commercialise Genesis involves extensive preparation:
- Last month, three members of our International Trade Services team were in Paris, gaining in-depth knowledge about Genesis and its capabilities.
- In March, we look forward to welcoming Frank Bertens, an expert trainer in Preference and Free Trade Agreements, from the Netherlands to Business West, who will further educate our International Trade team on the intricacies of international trade laws and the functionalities of Genesis.
- Stay tuned for updates from April onwards as we gear up to launch this innovative service on 1st July 2024.
International Trade team in Paris: (L to R) Megan Childs, Catherine Stephens, Emily Mintern
Why Genesis?
- Genesis is not just a tool; it's a solution designed to:
- Ensure compliance with the complex rules of origin in FTAs.
- Simplify the differentiation between preferential and non-preferential origins.
- Navigate the complexities of Product Specific Rules, tariff heading changes, and value-added rules.
- Empower exporters to leverage FTAs for a competitive advantage.
Catherine Stephens, Head of International Trade Services at Business West, said about Genesis:
"Due to the heightened need for customer compliance, checks, and the changing regulations since Brexit regarding exporters' ability to claim preferential origin, we believe Genesis will introduce an additional level of compliance that greatly benefits importers. This, in turn, contributes to a more secure global trade environment, reinforcing the trust and reliability essential for the smooth operation of international commerce."
Genesis launch date
Genesis goes live on 1st July 2024. As a pioneering service adopted by the UK and eight other national chambers, Genesis is set to revolutionise global trade: Enhancing the credibility of invoice declarations strengthens exporters' trustworthiness, reduces fraud risks, and minimizes legal liabilities for importers.
Get ready for a smoother trade experience
If you've been curious about how FTAs can benefit your business, now is the perfect time to reach out to the Business West International Trade team. Together, let's pave the way for a smoother, more efficient global trade ecosystem.
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