This week saw the launch of the Chartered Institute of Export & International Trade, as well as the selection of a host of trade ministers in the new UK government. There were also new tariffs for Chinese manufacturers from the North American states, while African nations looked to the Middle East and the Caribbean for new trading opportunities.
The big picture: The launch of the newly Chartered Institute on Wednesday (10 July) was hailed by chairman Terry Scuoler, who said it “demonstrates the integral role the Chartered Institute plays, not just in the UK, but in the global development and professionalisation of international trade”.
Marco Forgione, the director general of the Chartered Institute, said the Royal Charter is the “highest accolade” that can be achieved by a professional institute.
Forgione also featured in a special live broadcast to mark the launch alongside the Chartered Institute’s executive editor, William Barns-Graham, as well as experts Kevin Shakespeare, Anna Doherty and Professor Sangeeta Khorana. You can watch that back here.
Good week/bad week: A good week for China’s exports, which increased 8.6% year-on-year in dollar terms in June, according to new numbers published today by the country’s National Bureau of Statistics, reported by the FT.
A 2.3% fall in imports – a significant difference from the 2.8% increase predicted by economists – meant the country’s overall trade surplus grew to US$99.05bn.
Less positive trade news this week for… China, again, with its steel and aluminium manufacturers, set to be hit with fresh tariffs on goods exported to the US via Mexico.
As noted in our coverage this week, the US, Mexico and Canada will put a 25% tariff on steel not melted and poured in North America, as well as a corresponding 10% tariff on aluminium.
The week in customs: The introduction of the new EU entry/exit system, scheduled for October, could cause further disruption to supply chains, according to the Port of Dover CEO, Doug Bannister, and Kent County Council leader Roger Gough.
The two urged central government to provide support to the port to deal with the changes, which will require non-EU nationals to provide biometric data before being allowed into the bloc.
Elsewhere, speaking at a recent Chartered Institute webinar, TariffTel customs systems manager Elizabeth Davies noted how both traders and government could be missing out on revenue due to the incorrect use of commodity codes.
How’s stat: 0.4% – the rate at which the UK economy grew in the three months to May, according to the Office for National Statistics (ONS) this week. That is double the prediction made by economists in a Reuters poll ahead of the release of the numbers.
Quote of the week: “India does not believe any [FTA] should have a deadline for negotiations. We never discuss any FTA with any country or group of countries with a gun [to] our head.”
Indian trade minister Piyush Goyal, urging the UK’s new government to avoid placing a deadline for the achievement of a trade agreement with his country.
What else we covered this week: The UK’s new business and trade secretary, Jonathan Reynolds, began his formal engagement with industry on Wednesday, stating that there is “no time to waste” in boosting the UK’s SMEs and exporters. Writing on LinkedIn, he said he and his department wanted to hear from firms whether they have “one or 1,000+ employees”..
Prime minister Sir Keir Starmer finished putting together his business and trade team, with the announcement of both cabinet and junior ministers in the department, including Gareth Thomas, Justin Madders and Baroness Jones of Whitchurch.
Our round up of trade news from Africa included detail on the withdrawal of three states from the Economic Community of West African States (ECOWAS) after their takeovers by military juntas, as well as on efforts by some African nations to expand trade with the Middle East and the Caribbean.
True facts: It’s 220 years to the day since the dramatic death by duel of Alexander Hamilton, founding father of the US and the country’s first treasury secretary. He was a less than full-blooded fan of trade, however – liberal economist William Graham Sumner described him as “completely befogged in the mists of mercantilism”.