The Department for International Trades East Midlands News bulletin contains guidance, webinar and an update on UK trade which businesses in South Derbyshire may find helpful.
UK Transition: Time is running out - only 16 days to go
We’re fast approaching the end of the transition period on 31 December when the UK will leave the single market and customs union. Reserve your place at our webinar, UK Transition - Prepare your business for January 2021 taking place on 3rd December 2020, or use our step by step guide to find out what you need to do to prepare for the changes.
UK and Canada Free trade agreement
The UK and Canada have signed a trade agreement. It comes after both countries last month announced an ‘agreement in principle’ to roll over current trading arrangements. Today’s agreement secures transatlantic trade with a trading partnership worth £20 billion last year. Both countries will commence negotiations for a new, tailor-made UK-Canada trade deal in 2021. See here for details.
UK Singapore Free Trade Agreement
The UK and Singapore have signed a UK-Singapore Free Trade Agreement (FTA). Both countries also agreed to start scoping the modules of a UK-Singapore Digital Economy Agreement (DEA), with the aim of launching negotiations on the DEA in early Spring 2021. For full details see here.
UK Japan Free Trade Agreement - Business Guidance now available
The UK and Japan signed a Free Trade Agreement with Japan on 23 October 2020. This Comprehensive Economic Partnership Agreement (CEPA) maintains the benefits of the EU-Japan Economic Partnership Agreement (EPA) with enhancements in areas of mutual interest. The EU-Japan EPA remains in force in the UK until 11pm on 31 December 2020.
The guidance - available here - covers key terms of trade and market access for importers and exporters under the CEPA. You can discover what the tariff rate on your product will be, which products benefit from new Rules of Origin (ROO) arrangements, how the new customs rules apply and much more.
DIT Updated Guidance on UK tariffs
From 1 January 2021, the UK will apply a UK-specific tariff to imported goods. This UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until 31 December 2020.
The UKGT will apply to all goods imported into the UK unless:
- An exception applies, such as a relief or tariff suspension
- The goods come from countries that are part of the Generalised Scheme of Preferences
- The country you’re importing from has a trade agreement with the UK. You can see an updated list of Existing UK trade agreements with non-EU countries here
Access the updated UKGT here.
UK announces new approach on US tariffs
The UK Government has announced an independent approach to the longstanding trade conflicts between the EU and US around steel and aluminium and aerospace tariffs. The UK is rolling over tariffs in response to the unjustified ‘Section 232’ tariffs imposed by the US on aluminium and steel imports. These tariffs will continue from January 1st when the UK becomes an independent trading nation once again. In parallel, the UK government is suspending retaliatory tariffs resulting from the Boeing dispute in an effort to bring the US towards a reasonable settlement and show that the UK is serious about reaching a negotiated outcome.
The twin announcements are part of the government’s strategy to de-escalate trade tensions so the US and UK can move forward to the next phase of their trading relationship, and ultimately draw a line under a dispute that harms industry on both sides of the Atlantic. For details, see here.
Radical shake up to government export finance support for small businesses
UKEF launches the General Export Facility in partnership with UK’s leading commercial banks.
- New scheme to give exporting SMEs access to working capital they need to recover from COVID-19
- Government can provide an 80% guarantee on financial support from lenders to support general exporting costs, up to the value of £25 million
- GEF will transform UKEF’s offer to smaller businesses, encouraging them to export and take advantage of new free trade agreements
UKEF Export Finance Managers help businesses of all sizes across the UK to win contracts, fulfil orders and get paid. Visit UKEF to see if your business is eligible for UK Export Finance support here.
Access 1-1 video consultations with an experienced International Trade Adviser
As part of our ongoing support here in the region, we are offering a free 30-minute video consultation (or by phone, if preferred) with one of our experienced International Trade Advisers to discuss any business issues you may be experiencing.
Click here to book your session.
Secure a grant from DIT’s Internationalisation Fund
DIT are soon to release grants to help companies develop their exporting or get started with international trade. Match-funded grants of between £1,000 and £9,000 will be available for future activity (subject to eligibility and availability).
We are now accepting expressions of interest so that as soon as the fund is made available we can include you. East Midlands businesses looking for support from can find out more here.
Increase your overseas potential and join the Export Academy
Designed for owners and senior managers of businesses with a turnover of up to £500,000 the Export Academy has been introduced to support smaller businesses. You will graduate from the programme with a completed export action plan, enabling you to take your business direct to international customers.
Structured around Webinars, Round tables and Mentoring sessions, the Academy will give small and micro-businesses the chance to learn how to sell to customers around the world with confidence.
For details, see here.
International Trade Training
With over 20 different international trade courses – many of which are British Chambers of Commerce accredited and result in recognised qualifications – the East Midlands Chamber’s international trade training programme is ever- evolving to meet the needs and demands of current and would-be exporters, covering the key skills needed to trade successfully internationally.
See here for details.
Government Business Support: Covid-19
Businesses facing disruption due to the spread of the virus can visit the dedicated business support hub. Coronavirus (Covid-19) support is available to employers and the self-employed. You may be eligible for loans, tax relief and cash grants.
Use the business support finder to see what support is available for you and your business here.
Department for International Trade Webinar Programme
DIT continue to add to the series of webinars designed to help you manage the impact of Covid-19. Book early to secure your place.
UK Transition: Prepare your business for January 2021 - 17TH December 2020 @ 10.30 am
This DIT webinar will focus on changes that businesses need to be aware of when trading with EU and non-EU countries, and will include a moderated Q&A.
For details see here.
EU-UK: Trading Alcoholic Drinks - 17th December 2020 @3pm
The UK Government is pleased to invite you to a webinar dedicated to the alcohol industry. HM Revenue and Customs will guide you through changes to customs for controlled goods, excise and VAT when trading with the UK, and the Department for Environment, Food and Rural Affairs will guide you through regulatory changes for placing your products on the British market. This webinar is of relevance to EU exporters of alcohol towards the UK, but also to GB exporters of alcohol towards the EU. For details see here.
UK FinTech Virtual Mission to Austria and Switzerland - 28th January 2021 (Chargeable event)
The UK FinTech Virtual Mission is an excellent opportunity for UK FinTech companies looking to expand their business in the Swiss and Austrian markets. This mission will offer 25-30 UK FinTechs a programme of networking opportunities to present their technologies and services to potential clients. For details see here.
Other relevant webinars for the coming weeks
Webinars for exporters of animals and products of animal origin to the EU
DEFRA
DEFRA have developed a series of webinars for exporters of animals and products of animal origin to the EU. Register for free webinars to learn more about what you need to do to export animals, animal products (dairy, poultry, meat, animal feed) and fish from GB to the EU from 1 January 2021.
For details see here.
Business, Energy and Industrial Strategy webinar series
BEIS
The Department for Business, Energy and Industrial Strategy (BEIS) is hosting free webinars to help you check the new rules and understand the actions to take. The sector specific webinars are available here.
Imported goods valuation for Customs: ensuring HMRC compliance
16th December 2020 @ 2pm
SEMLEP Growth Hub
Join this webinar which covers the essentials of customs declarations and duties to help ensure that you can continue to export and import without unexpected costs or delays. For details see here.
The importance of Incoterms in international contracts - 12th January 2021 @ 2pm
D2N2 Growth Hub/LLEP Growth Hub
Understand your obligations and the cost implications of this new way of trading with the EU. It is essential that UK businesses understand their obligations and the cost implications of this new way of trading with the EU, as existing contracts and delivery terms may need to be renegotiated to prevent either party exposing itself to too much risk. For details see here.
The importance of Incoterms in international contracts - 20th January 2021 @ 2pm
SEMLEP Growth Hub
Understand your obligations and the cost implications of this new way of trading with the EU. It is essential that UK businesses understand their obligations and the cost implications of this new way of trading with the EU, as existing contracts and delivery terms may need to be renegotiated to prevent either party exposing itself to too much risk. For details see here.
Correct Export Documentation, Every Time - 22nd January 2021 @ 10am
D2N2 Growth Hub
This webinar is aimed at customs agents and anyone within the business who is responsible for getting and completing the correct export documentation. For details see here.
Managing financial risk and getting paid when trading internationally - 26th January 2021 @ 2pm
D2N2 Growth Hub/LLEP Growth Hub
Join this webinar to learn how exporters can minimise the risk of not getting paid when trading with overseas markets. This session also focuses on mitigating risk, helping you understand the various options and support open to you including Government backed schemes such as UK Export Finance, and other credit insurance providers; as well as credit scoring, effective credit control, factoring solutions, currency hedging, and letters of credit. For details see here.
