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CBI Annual Conference | Trade Mission to Shanghai | Singles’ Day 2017

 
CBI Annual Conference looks at the future of UK trade
 
On Monday the CBI, who represent 190,000 businesses of all sizes and sectors, held their annual conference. With the level of unprecedented change over the past year, the theme chosen for 2017 was A World of Opportunities.
 
Among a multitude of issues discussed, the CBI held a fringe event that allowed businesses to challenge panellists on Brexit and the future of UK trade. The Chief Negotiator for the Department of International Trade, Crawford Falconer, stressed the importance of engaging and consulting businesses on trade priorities across sectors ahead of trade negotiations.
 
Both representatives from the CBI and JLL, the global investment management and real estate specialists, along with the government, highlighted the opportunity to grow links across Southeast Asia. Brexit did however remain a prominent theme, with firms in the UK and abroad wanting to understand what the trade relationship with the EU will actually look like.
 
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Trade Mission to Shanghai
 
This week the Minister for Trade and Export Promotion, Baroness Rona Fairhead, and the Northern Powerhouse Minister, Jake Berry, represented the UK at the Chinese International Industry Fair.
 
Named as the Country of Honour, the UK trade mission demonstrated the strength of advanced manufacturing in Britain and that we are open for business as we prepare to leave the European Union. Ministers believe there is potential to progress trade ties for smaller businesses based in the East of England, Midlands and the North.
 
Baroness Rona Fairhead said: “UK exports to China are growing strongly, but it’s clear that there is still vast untapped demand for British goods and services in the Chinese market.” The UK and China currently have strong trade links, with bilateral trade increasing by 8.9 per cent last year to more than £59 billion, and goods exports to China soared by 32 per cent.
 
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Singles’ Day and China’s role in shaping the future of ecommerce
 
Single’s Day, which occurs on November 11, is one of the world’s largest online shopping days and is a significant day in China’s calendar. It is anticipated that millions of people across China and the globe will spend billions of dollars during the 24-hour consumer frenzy.
 
China’s ecommerce giant, the Alibaba Group, announced a full line up of events, promotions, and technologies ahead of what is now officially known as the 11.11 Global Shopping Festival.
 
This year, Alibaba plans to utilise Singles’ Day to launch their ‘New Retail’ strategy. This term refers to the integration of online and offline retail, logistics and data across a single value chain. This ecommerce holiday will be a powerful demonstration of how China will continue to influence the future of ecommerce, global consumption and supply chains.
 
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Thursday 09 November 2017

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