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Weekly Trade Updates

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Trade & Customs Bill | Trade Mission to Shanghai | Ecommerce in 2018

 
Trade and Customs Brexit Bills taken to Parliament
 
The government is making progress on the new legislation necessary for Brexit. The latest Trade Bill and Customs Bill will allow the UK to lay the foundations needed to become an independent global trading nation.
 
Key features of the Trade Bill include provisions for the UK to uphold existing EU trade agreements, which will in turn ensure UK businesses have access to £1.3 trillion worth of government contracts in other countries and a new trade remedies body to defend UK businesses against damaging trade practices.
 
The government has also put forward a resolution for the Customs Bill, which will allow them to create a standalone customs regime and amend the VAT and excise regimes.
 
FIND OUT MORE
 

 
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.
 
READ MORE
 
 
 
Looking at the future of ecommerce in 2018
 
Communications regulator Ofcom has predicted online sales will reach £63 billion a year by 2020. Derek O’Carroll, CEO of Brightpearl, shares his predictions for key ecommerce trends in 2018, including omnichannel understanding and a mobile takeover.
 
It will no longer be enough to just have a presence across digital channels, but to be able to execute them and create a seamless shopping experience. The rise of social commerce will also continue to grow; a recent global survey of business owners found that 25 per cent sell through Facebook.
 
Technology transformation will put pressure on retailers to rethink their customer journey, which links to the developments in data insights as retailers continue to craft a meaningful customer experience. Customer expectations will increase and companies who adopt the right technology to support their business will thrive as we embrace 2018.
 
LEARN MORE
 

Thursday 16 November 2017

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