What is the Trade Facilitation Forum?
The UK Chamber of Commerce network recently gathered for the annual Trade Facilitation Forum (TFF) hosted by the British Chambers of Commerce (BCC). Members of the Business West International Trade Services team attended to hear the latest updates shaping the future of global trade.
Who was there?
A wide variety of speakers were present, all experts in their respective fields and organisations, who brought their own insights on the latest trends and international trade updates. Among them were speakers from HMRC, the Department for Business and Trade (DBT), BCC, ChamberCustoms, the Netherlands Chamber of Commerce, and the UK National ATA Carnet Organisation (UKNATACO).
What was discussed?
In an opening talk on the current international trade landscape, William Bain, Head of Trade Policy at BCC, pointed out the threats to free and fair trade from global events such as the new tariffs implemented by the US Trump Administration and what lobbying can be done in government to mitigate the knock-on effects on UK businesses.
Ian Shepherd, Director of Trade Policy, Implementation & Negotiations Group - Gulf and India Negotiations, from DBT, gave an insightful update on the latest from the UK’s new upcoming trade agreements currently in negotiations with the Gulf Cooperation Council (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE) and India. Once finalised, these FTAs will provide substantial economic benefit to the UK, with India boasting a fast-growing middle-class population and an opportunity for British exporters of luxury goods.
We also enjoyed an in-depth technical presentation from HMRC on how traders can take advantage of the preferential tariff rates contained within the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) following the UK’s accession to the trade bloc with an emphasis on the importance of maintaining compliance with rules of origin.
The bulk of the discussion was around the utilisation of the various free trade agreements that the UK is (or will be) a party to, which was highlighted during a comprehensive talk from Bradley Porter, Head of FTA Utilisation, DBT. Bradley explained what the government is doing to encourage more traders to take advantage of the FTAs available and to encourage exports.
Rounding up with an overview of the UK’s trade strategy as a whole was Sally Jones – Director of Trade Strategy, DBT, who gave us all the big picture regarding international trade, which direction the country is heading in and how we’re going to get there.
In addition to the high-profile speakers on the first day, there were also excellent contributions and knowledge sharing from across the Chamber network on the second day, including discussions from ChamberCustoms, UKNATACO and the Certification Group. A highlight of the TFF was the opportunity to develop new ideas on how the UK Chambers of Commerce can assist our vast network of members and customers.
Trends? Updates? Conclusion
If there was a key takeaway from this year’s TFF event, it is that traders need to stay alert to the opportunities coming our way in a post-Brexit world. They should be proactive in becoming knowledgeable about new and existing trade agreements by utilising all of the government support and resources available and engaging with experts in the field, such as the local chambers of commerce.
Get in touch with Nathan Hoyle, Customs Agent at Business West, for a trade audit of your business.
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