The UK Government is preparing for the upcoming UK-EU summit on 19 May, with a renewed focus on strengthening its trade relationship with the EU. However, while the UK’s core ambitions remain to enhance close business and trade ties, the mounting geopolitical tensions and  growing emphasis on security and defence cooperation, adds a new layer of urgency to these discussions.

The UK Government is preparing for the upcoming UK-EU summit on 19 May, with a renewed focus on strengthening its trade relationship with the EU. However, while the UK’s core ambitions remain to enhance close business and trade ties, the mounting geopolitical tensions and  growing emphasis on security and defence cooperation, adds a new layer of urgency to these discussions.

The UK Government is preparing for the upcoming UK-EU summit on 19 May, with a renewed focus on strengthening its trade relationship with the EU. However, while the UK’s core ambitions remain to enhance close business and trade ties, the mounting geopolitical tensions and  growing emphasis on security and defence cooperation, adds a new layer of urgency to these discussions.

The UKTBC hosted a panel of the establishment of a new, independent Board of Trade.

This site visit will take place on 27th November 2023, and will see the UKTBC team visit FreshLinc in Spalding, Lincolnshire.

This site visit will take place on 21st November 2023, and will see the UKTBC team visit the Cemex cement plant in Rugby.

This session will cover the EU’s CBAM and domestic Net Zero policy goals

This session covered beneficial regulatory alignment with the EU and a reciprocal youth mobility visa scheme.

The session looked at the trading situation under the NI Protocol at the time of the meeting, the benefits and disadvantages, and the proposals for change from the UK and EU. We then examined the implications of further future courses of action, including the use of Article 16.

Globally the main barriers to trade are no longer tariffs but differing regulations between countries. Exporters have to meet the varying requirements in different countries, which is likely to mean extra costs. However, countries may choose to vary regulations for many good domestic reasons, such as responding to consumer pressures or reduce the cost of domestic production. Finding a balance is difficult for all countries. For the UK, having just left the EU regulatory bloc, it presents a particular challenge.

The UK is a services trade superpower and the second largest exporter in the world at the time of this session. Its strengths are diverse, from educating international students to hosting film production, financing major infrastructure to supplying architects and skilled engineers to turn a plan to reality. These are delivered by companies of all sizes, including major multinationals, historic institutions like universities, small consultancy firms, and the self-employed.

This session of the Trade and Business Commission looked at the transition to a green economy, and the role of trade policy in this ahead of the COP26 summit in Glasgow, as these topics saw growing domestic and international attention.

Trade agreements are negotiated by national governments, though topics covered are likely to include those for which responsibility lies with devolved authorities. This is an issue faced across the world given that those topics extend far beyond tariff reduction and can see regulations bound by treaty. In the UK devolved government responsibilities affected are likely to include agriculture, services provision such as professional qualifications, and public procurement, but many more such as Scotland’s minimum alcohol pricing could be an issue.

This session of the UK Trade and Business Commission saw witnesses give evidence on the UK-EU’s relationship, and the performance of UK ministers, negotiators, and diplomats.

The UK's supply lines faced severe strain towards the end of Summer 2021 with KFC, Nando’s, Greggs, and McDonalds being among the major chains that were affected, with products unavailable and some branches unable to open. Supermarkets also had stock and supply chain challenges. Staff shortages were being reported in haulage and food production and while these issues were being reported in other countries, the UK seemed to be worst affected.

Science, research, and innovation are increasingly seen as crucial ingredients to a country’s economic performance. They are also at the centre of the response to global challenges as immediate as covid or tackling climate change, and unsurprisingly therefore require international collaboration. There are broad policy challenges involved from attracting and retaining the best researchers, through to seeking commercial exploitation of the innovations. These continue to be hugely important to the UK’s future prosperity.

A modern economy with international businesses, whether selling goods or services, is reliant on data as much as on people. Within this, digital trade has gained increased importance, whether in terms of electronic delivery of international services, or the innovations in various areas from financial services to cars with increasingly sophisticated computers.

The ability for the UK to reach its own trade agreements has been seen by many as a key benefit of Brexit. After replicating trade agreements with countries with whom the UK had trade deals by virtue of our EU membership, an ‘Agreement in Principle’ had at the time of this meeting been announced with Australia.

The UK’s cultural and creative sectors are rarely considered when trade deals are discussed, despite significant and diverse exports from computer games to music, theatre to fashion. Such neglect has led to problems, most notably in the hugely increased difficulties UK cultural and creative workers now face in touring or working around Europe. 

Questions relating to trade in animal products attract far greater attention than their economic value would suggest. Concerns about human and animal health, the ability of countries to produce their own safe and cost-effective food, and fair competition among others mean Import checks are typically more onerous and tariffs higher. In the case of UK trade relations this has meant concern about reduced exports to the EU or increased imports of lower quality from the US, a potential shortage of vets, and interest in whether a UK-EU veterinary agreement could help.