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Brexit transition agreed | BCC raise UK growth | UK biz top Asia e-commerce platforms

 
UK and EU agree terms for Brexit transition period
 
On Monday 19 March the UK and EU announced that a ‘large part’ of the agreement that will make withdrawal from the EU possible has been agreed.
 
The transitional period is set to last from 29 March 2019 to December 2020. Brexit negotiators, David Davis and Michel Barnier, called the announcement a “decisive step.”
 
The UK will be able to negotiate and sign trade deals during the transition period but issues that still need to be resolved include the Northern Ireland border. There is hope that once the transition deal is agreed, negotiations can turn to focus on what sort of future relationship the UK and EU will have.
 
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UK growth raised by British Chambers of Commerce
 
The British Chambers of Commerce has raised its UK growth forecast for 2018 from 1.1 per cent to 1.4 per cent and in 2019 from 1.3 per cent to 1.5 per cent. Their first forecast for 2020 stands at 1.6 per cent growth.
 
Contributing factors included consumer spending which was slightly higher than expected and UK export performance, which is also expected to remain strong following solid global growth.
 
Dr Adam Marshall, Director General of the British Chambers of Commerce said: “Strong global conditions have given the UK a bit of a boost through higher export demand in recent months.”
 
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British business secure prime advertising space on Asia’s top e-tailers
 
Thanks to a pioneering deal secured by the Department for International Trade, 164 British businesses will be able to benefit from a week of free advertising on three of Asia’s top e-commerce platforms.
 
International Trade Secretary, Dr Liam Fox, said: “As an international economic department, we are putting British businesses in a position to benefit from the opportunities that global markets provide, and the GREAT Festival of Innovation in Hong Kong next week is just one example of this.”
 
China and Hong Kong based e-tailers – ttHigo, Goxip, and MyMM – have agreed to run free banner ads promoting British goods on their platforms as part of the GREAT Festival of Innovation.
 
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Thursday 22 March 2018

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