2022 Year Ahead – Trade Forum Recap
Date published:
Forum Recap:
The main focus of the Chamber’s first Trade Forum was centred around looking to the year ahead. Alongside Moneycorp’s Dean Lockwood, we welcomed Thierry Drilhon, President of the Franco-British Chamber of Commerce.
Talking points involved the possible impacts, or lack thereof, of France’s upcoming general election on UK-FR trade, and the need to accept and adjust to Brexit’s mandate and move forward cooperatively as two nations. Thierry stated that the French economy was the most dynamic and attractive that it has been in the past 20 years, with now being a ripe opportunity to establish mutually beneficial business relationships and expand services for mutually economic gain.
“Brexit is over, now we must think about what we want to do in the next few years. We need to reinforce, reenergise, and reinvent the kind of business relationship that we want to build between our two countries.”
Thierry Drilhon on Brexit and the future of UK-FR trade.
“I really believe that the next three years, potentially, will be the strongest growth period that we have had for a couple of years … between France and the North East of England, there are tremendous opportunities moving forward.”
Thierry Drilhon on trade opportunities in the near future.
Within the same theme of looking at the year ahead, our other main speaker was Moneycorp FX, the Chamber’s partnered foreign exchange solutions firm. Their representative Dean Lockwood delivered a presentation outlining what they forecast to be the most central themes to affect UK businesses in 2022, as well as expected inflation rate fluctuations in the UK, USA, and EU. They forecasted that the most pressing matters for UK businesses in 2022 might be inflation, interest rate increases, geopolitical risk, the ongoing pandemic, and China’s economy. These predictions already started to ring true merely one week later, when interest rates rose for the second time in three months as the Bank of England tried to curb a rapid rise in the cost of living. Only time will tell if Moneycorp’s other predictions will ring true.
“As Far as Moneycorp is concerned, GBP/USD is going to be fairly stable this year.”
Dean Lockwood on the stability of the pound in relation to the dollar for 2022.
With the year ahead in view, 2022 will see a number of important changes to trade processes implemented, as well as the reduction of some barriers to international trade, so that the UK might benefit from new opportunities not just in France, but elsewhere as well.
Further Trade Forums:
The Chamber will be hosting four more international forums this year. The next takes place on 26/04/2022, focusing on international trade skills. A link to sign up for the event can be found here, if you have any queries please contact [email protected]
Free Trade Agreement Negotiations:
2022 will see the UK taking part in a number of Free Trade Agreement negotiations:
- India – Talks to be held in early 2022, this is an opportunity that those wishing to expand into the Indo-Pacific market should keep their eye on.
- Canada/Mexico – Negotiations are expected to start soon to update existing UK-Canada and UK-Mexico trade agreements. Both largely replicate the agreement that the EU has with Canada and Mexico.
- Gulf Co-Operation Council (GCC) – In October 2021, the Government launched a consultation on a trade agreement with the GCC. The government hopes negotiations will begin in 2022.
- Israel – The Government launched a consultation on a new trade agreement with Israel in February 2022. The consultation ends on 30 March with negotiations expected to start later in 2022.
Goodbye CHIEF, Hello CDS:
From 30/09/2022, big changes are coming to the way customs declarations are made from that date onwards, HMRC will begin to gradually phase out CHIEF services in two phases.
- Phase 1: From 30/09/2022, you will no longer be able to submit import declarations via CHIEF.
- Phase 2: From 31/03/2022, you will no longer be able to submit export declarations via CHIEF.
You will instead have to use the government’s new Customs Declaration Service (CDS), which is intended to be a more streamlined and effective programme.
UK Single Trade Window:
As part of their vision for the UK border to be ‘the most effective in the world’, the Government have committed £190 million to building a UK Single Trade Window. Instead of having to communicate with HMRC, DEFRA, and the Home Office, the new system will see traders only communicating with this new, single programme.
Until early spring 2022, the government is encouraging active participation in one-to-one discussions regarding questions raised at the bottom of their Single Trade Window policy discussion paper. Those interested should familiarise themselves with the policy paper, the questions at the bottom, and contact [email protected].
Future Chamber Global Events:
Bitesize International:
In the year ahead, the Chamber will also host several Bitesize events with the aim of providing international trade updates and expert advice. Hosted by the Customs brokerage team, the next of these will be on 07/04/2022 at 14:00 GMT; and focus on VAT. It will explore best practice and methods of managing overseas payment to help your business remain compliant in the payment of duty and VAT. A link to sign up for the event can be found here.