With UK politics taking place under the pre-election period of sensitivity, it’s been a “quieter month in some regards”, according to Chartered Institute of Export & International Trade public affairs lead Grace Thompson.
Nevertheless, the Chartered Institute has continued reaching out to government to express members’ perspectives as it gears up for its own transition towards becoming the Chartered Institute.
Consultation
Thompson notes that, though the pre-election period is “halting some aspects of engagement”, there have been “a number of government consultations – particularly those of a more technical nature” which have continued through the period.
Of particular interest, she says, was a recent the Chartered Institute response to the government’s ‘Consultation on the introduction of a UK Carbon Border Adjustment Mechanism (CBAM)’, which ran from 21 March to 13 June, 2024.
Thompson explains:
“We spoke to a key focus group of stakeholders and the subsequent insights will be really important for informing a new government’s thinking in this area, particularly as questions arise as to alignment and implementation.”
Election explainers
With the election campaign rumbling on in the broader world of politics, the Chartered Institute has also been working to explain the policies on offer across the political spectrum on trade to its members.
She added:
“Throughout this pre-election period, the UK public affairs team has also prioritised analysing the business and trade aspects of political party manifestos, on behalf of our members.
“This way, our members have an easier way of accessing the key policies that would potentially affect them under a new administration.”
You can read the trade policy breakdown of the various parties manifestos below:
CBAM in detail
Sandra Cooper, an expert at the the Chartered Institute academy, also spoke on the response to the consultation on CBAM, explaining how it gathered feedback from members on the proposals to develop and implement a CBAM, projected to be implemented on 1 January 2027.
“The UK CBAM aims to impose a carbon price on specific imported goods to prevent carbon leakage and promote decarbonisation within the UK, and a consistent theme in the responses was policy harmonisation - companies strongly believe that aligning with the EU's CBAM would effectively mitigate potential trade disputes and administrative burdens for businesses operating across both markets.”
Cooper explains that other feedback relayed to government “highlighted the challenges companies may face in staying compliant with this regulation”, mainly related to the accessibility of actual carbon emissions from their supply chain and the correct carbon calculations.
Strong suggestions included “streamlining reporting processes, establishing mutual recognition agreements, providing robust technical and financial support, and developing centralised verification services”.