It’s been a year of elections, of trade deals, disruptions and major UK customs changes. But of the many stories covered by the Daily Update in the last 12 months, which proved most popular?
As the year draws to a close, we’re marking the turn of 2025 with a look back at the biggest news items from 2024.
1. Chartered Institute launches new Imports Advisory Practice amid rise in complexity in global trade
In September, the Chartered Institute of Export & International Trade launched its Imports Advisory Practice, where traders can get specific, tailored support from an expert on the challenges they face when importing goods. Kevin Shakespeare, the director of advisory services at the Chartered Institute, said a “rapid evolution” in trade called for new, bespoke options for traders seeking advice.
Following the Labour Party’s win in the UK general election in July, readers were hungry to learn more about the new government’s plans for trade and the economy. And while chancellor Rachel Reeves said that “globalisation as we once knew it is dead” at the conference, she emphasised the importance of foreign direct investment for the growth of the UK economy.
Business and trade secretary Jonathan Reynolds, meanwhile, brought the EU relationship into focus, stating:
“[Delivering change] means having a trade strategy, that resets our relationship with the EU whilst also building new trade opportunities around the world.”
3. EU Entry/Exit System explained: How potential travel delays could impact UK-EU trade
EU-UK trade was a common theme again this year, and the EU’s new Entry/Exit System (EES) was a particular concern for the erstwhile foreign secretary of the time (and former prime minister) David Cameron. After the war in Ukraine, he said in May, it was “point two or three” in his list of concerns during meetings with EU ministers.
Written evidence to the European Scrutiny Committee from the Port of Dover and ferry groups said the “lack of appropriate regime” for introducing the system posed an “existential risk facing critical supply chains, businesses, communities, and the tourism economy of nations on both sides of the Channel”.
4. Will the UK follow suit and apply tariffs to Chinese electric vehicles?
Amid consternation in recent years over the EU and US’ trading relationship with China, the electric vehicle (EV) industry has come under particular scrutiny as the Asian nation has been accused of breaking trade rules to undercut competitors.
The question remains open, however, as to whether the UK government will seek to follow the lead of the US Trump and Biden administrations in imposing high tariffs on the Chinese vehicles – though Department for Business and Trade (DBT) figures suggesting a sharp uptick in UK imports of Chinese EVs threw that question into relief in September.
5. Winners of the King’s Award for Enterprise 2024 announced
The King’s Awards for Enterprise highlighted a wide range of exporters this year, including logistics specialists like Kestrel Liner Agencies and musical instrument makers, such as Percussion Play.
Marco Forgione, director general of the Chartered Institute, said it was “right that we celebrate” successful firms, “showcasing their achievements to the wider business community to encourage and inspire more firms – particularly SMEs – to look at trade again for growth”.
6. Former Brexit negotiator Michel Barnier appointed as French PM in potential positive for Starmer
There was a new look to the French government following dramatic elections in the European nation this year, with former Brexit negotiator taking on the role of prime minister. Chartered Institute head of international Fergus McReynolds said, when Barnier was appointed in September:
“He is seen as an accomplished politician and a sturdy pair of hands. The proof of the pudding will be his ability not just to build a coalition but to maintain it.”
In the event of the eating, however, Barnier proved unable to maintain the post-election coalition, resigning at the start of this month. He has been replaced by François Bayrou.
HMRC announced in March that it was changing the way supplementary declarations are completed and deferred duty is paid. More time, it explained, was to be given to both importers and exporters to submit supplementary declarations.
Anna Doherty, international trade and customs senior specialist at the Chartered Institute, said the changes would “align timeframes in Great Britain for those applicable in Northern Ireland, meaning more uniform and centralised processes for many businesses”.
8. Safety and security declarations for EU imports delayed until 31 January 2025
This story from October will have important ramifications come January 2025. The government announced then that plans to lift the waiver on safety and security (S&S) declarations for EU imports to Great Britain would be pushed back from 31 October to 31 January.
HMRC’s Joint Customs Consultative Committee (JCCC) explained that the new date was owed to delays resulting from the year’s general election.
Among the major trade consequences of geopolitical tensions in recent years is the souring of the US-China trade relationship. Following the lead of predecessor (and successor) Donald Trump, president Joe Biden announced in May that his administration was hiking tariffs on a range of Chinese goods.
Steel and aluminium products, EVs, semiconductors and batteries all saw tariff increases of between 17.5–75%. The story of US tariffs on Chinese goods is only likely to become more dramatic in the coming years, with Trump set to impose higher rates on all Chinese goods from “day one” of his new administration.
10. UK signs ‘groundbreaking’ world-first digital trade agreement with 90 other countries
The UK was among 91 countries signing up to a new agreement on digital trade in July, boosting hopes for the digitalisation of trade documents following the signing into law of the Electronic Trade Documents Act (ETDA) in 2023.
Reynolds said the deal was a “huge step forward” for digitalisation, while Forgione remarked:
“The UK has already been taking great strides forward on digitalising our trading processes and is well placed to hit the ground running with this new agreement, particularly with the Electronic Trade Documents Act (ETDA) and the Border Target Operating Model (BTOM) already in place.”