Russian import duties on paper, refrigerators and palm oil exceeded those agreed when Russia joined the World Trade Organization (WTO) in 2012, the world trade body agreed last year in a case brought by the EU.
It argued that the illegal measures were severely hampering trade in important sectors. EU exports of the products concerned to Russia were worth some €600 million a year before the dispute was launched.
This week, Russia announced that it had lowered its import tariffs on the products concerned in a move described by the European Commission as a victory for multilateral trade rules.
Details of the Russian statement can be found at www.wto.org.
In response, the European Commission said: “This is only one of many successful cases brought by the EU to the WTO dispute settlement in the last years. EU legal action in the WTO also allowed it to improve the access of EU firms to raw materials sources in China and to remove Chinese extra duties on European steel tubes and X-ray scanners.”
Noting that effective enforcement of existing trade rules is one of the key points of the EU’s 2015 trade policy strategy Trade for All, the Commission said that it will continue to closely monitor the situation to ensure that WTO commitments are fully respected.
Norwich Airport is looking for the local business community to help them secure new air services and further develop existing services from Norwich to key city destinations.
As part of the discussion process with potential air carriers, it is invaluable for the airport’s Aviation Development Team to be able to present ‘real world’ data in terms of the travel demand of businesses in our region.
What are your domestic and international travel requirements? Have your say now
Commenting on the Home Secretary’s decision to ask the independent Migration Advisory Committee to evaluate the present and future impacts of migration on the UK economy, Nova Fairbank, Public Affairs Manager for Norfolk Chamber said: “We welcome the Home Secretary’s decision to commission rigorous and independent analysis to inform the shape of our future immigration system. The Norfolk business community tell us that immigration rules need to be based on an objective look at economic trends and needs, which are better evaluated by the experts on the Migration Advisory Committee than by politicians or commentators. “Over the coming years, changes to the UK immigration system should be based on firm evidence, input from employers, and a clear understanding of the different requirements facing each region and nation. While businesses are committed to filling vacancies locally wherever they can, they will still need access to both EU and global candidates with a range of skills in the future. We will work with the British Chambers of Commerce to ensure that the views of Norfolk businesses are heard loud and clear by the Migration Advisory Committee over the coming year.” On EU nationals, she added: “Amber Rudd has given EU nationals and their employers some much-needed reassurance, by signalling that any significant changes to the immigration rules for EU citizens will take place in an orderly fashion over time. Businesses need clear information to support their existing employees – and to know, right now, who they can hire with confidence over the coming years. “The Home Secretary has given some important reassurances for EU nationals working in UK businesses, and for those businesses considering hiring EU nationals in the immediate future. Her department now needs to work with employers to get the detail right, and ensure that EU nationals do not face complex administrative processes to confirm their status here in the UK.”
Commenting on the first estimate of GDP for Q2 2017, published yesterday by the ONS, Nova Fairbank, Public Affairs Manager for Norfolk Chamber, said:
“The first estimate of economic activity for Q2 2017 of 0.3% on the previous quarter is broadly in line with our expectations, though slightly lower than our current forecasts
“UK economic growth remains unbalanced, with the service sector accounting for all of the growth recorded in Q2, while the industrial production and construction sectors were a drag on growth in the quarter.
“Inflation is likely to continue to rise in the coming months and this could trigger a marked economic slowdown by increasing the squeeze on consumer spending. Rising inflation together with continued uncertainty over the longer-term impacts of Brexit is also likely to stifle Norfolk business investment intentions.
“The recent Chamber Quarterly Economic Survey confirmed that Norfolk’s service sector, was the key driver of economic growth. But consumer-facing industries such as retail outlets and hotels reported weaker growth rates. Many Norfolk firms reported rising concern over raw material costs and pay settlements.
“Our view for the future growth of the UK economy remains slightly muted by historic comparison, with a combination of the uncertainty over Brexit negotiations, increased inflation caused by the depreciation of Sterling and an expected softening of both consumer spending and business investment over the coming year. Government can support confidence in the near term by being clearer over its desired outcome of the Brexit negotiations (and we applaud the softening of its stance over the past week) and by greater commitments to investment, particularly in infrastructure, as well as accelerating its plans for its new industrial strategy.”
The permanent closure of the B1149 Holt Road south of Horsford has been brought forward to Wednesday 9 August after BT Openreach announced earlier dates for moving their fibre optic cables. The closure had been put back until late August after BT said diversion of the cables would not begin until after the World Athletics Championships (4-13 August). However, that work has now been rescheduled by BT to start on 31 July. This will allow more of the complex final phase in constructing the major A140 Cromer Road/A1270 NDR junction to be carried out in the school summer holidays. Altogether, it is expected to take around three months to complete the junction. B1149 Holt Road diversion
After the closure of Holt Road on 9 August, all B1149 traffic will be diverted via New Drayton Lane – opened last week – on to Reepham Road. This diversion will remain in place until traffic can use the NDR dual carriageway and A140 junction, or part of it, to restore access to the A140*. The diversion will put pressure on roads through Hellesdon, Drayton and on Church Street, Horsford, for an extended period. Norfolk County Council and Balfour Beatty apologise for the unavoidable disruption to normal travel.
Do you want to learn how to get started in international trade?
Do you want to export to new markets and increase your revenue through overseas sales?
Do you want to grow your business by networking with other exporters and hearing from experienced market specialists?
Join us at the British Chambers of Commerce International Trade Summit on 12th October 2017 at the Vox Conference Centre, Birmingham for the practical advice, contacts and resources you need to take your exporting journey to the next level.
Participate in interactive breakout sessions that focus on the practical aspects of exporting and hear from experienced business leaders, which in previous years has included Sarah Wood (Co-founder and CEO, Unruly) and Lord Deighton (Chairman, Heathrow) among others. Explore trade opportunities in new markets through the exclusive insights of our Global Business Network, which is made up of over 25 international Chambers. Network with fellow exporters and grow your connection base at our biggest trade event of the year.
Book your place now to attend this inspiring event, and find out more about our other events packages which include entry to the Annual International Dinner. Discounts available for Chamber members.
Julie Austin, International Trade Manager, said: “This is a great opportunity for Norfolk businesses, for those who are already exporting and looking for new markets or who are looking at entering the export arena for the first time. Not only will you learn more about exporting, you will be introduced to opportunities overseas and be able to speak with other exporting businesses. I will be attending the summit on behalf of Norfolk Chamber and I look forward to meeting you there.”
People in Norfolk who support the need for upgrades to the A47 are being encouraged to go along to an event this Friday (21 July) to leave the organisation responsible for the road in no doubt of the local appetite for improvements.
Highways England, the government company charged with operating, maintaining and improving England’s motorways and major A roads including the A47, has announced it will be holding a roadshow event in a mobile unit at Tesco Extra on Kingston Road in Dereham on Friday between 12 and 7pm. As well as featuring an exhibition of plans for upcoming major roadworks in the region, Highways England staff will be available to talk to people about improvements to the A47.
Further Highways England roadshows are planned for later in the summer, including in King’s Lynn, Attleborough, Great Yarmouth and Hopton, so if people can’t make this Friday’s event in Dereham, there will be other opportunities to speak to Highways England in person to press the case for improvements to the A47. Further details on these events are expected to be announced shortly.
Highways England has announced £300 million of improvements to the A47 with works slated to start in 2019/20 financial year. Of the six schemes announced, four will be on sections of the road in Norfolk. These are:
Dualling the A47 North Tuddenham to Easton;
Dualling the A47 Blofield to North Burlingham;
Improving the A47/A11 Thickthorn junction;
Improving A47 Great Yarmouth junctions including reconstruction of the Vauxhall Roundabout.
Norfolk County Council welcomed the announcement of this investment and has offered to work with Highways England to ensure the work can get under way at the earliest opportunity. As part of its role on the A47 Alliance, a campaigning group that brings together the business community, local authorities, MPs and others, Norfolk County Council is pushing for central government to commit to making further improvements to the route with an ultimate goal to see the whole of the road dualled.
Martin Wilby, Chairman of Norfolk County Council’s Environment, Development and Transport Committee and Chairman of the A47 Alliance, said: “We need to take every opportunity to bang the drum for investment in the A47, and there is no doubt the message comes across much louder and clearer when you hear it from the many rather than the few. Please help us, if you can, to show the strength of local feeling on the subject.
“We’re making improvements and working on transport projects on roads that the County Council is responsible for that will help to ease traffic congestion, make roads safer and shorten journey times. However getting the A47 improved so it can cope with the amount of traffic using it now but also in the future is vital to the county’s success. It’s the key that will unlock a lot of other investment, including attracting businesses and high-skilled jobs, and improving quality of life for those who use the route regularly.”
The A47 Alliance agreed its priorities for securing further improvements along the route earlier this year. The schemes in Norfolk that have been identified as a priority are dualling the Acle Straight between Acle and Great Yarmouth and dualling the A47 Tilney to East Winch, including the Hardwick flyover, south of King’s Lynn.
Below is the latest update on the Qatari situation from our colleagues at the British Chamber of Commerce Qatar.
STATEMENT ON THE GCC/QATAR TRADE EMBARGO
Following the severing of diplomatic ties with Qatar by many of its regional neighbours, most notably by Saudi Arabia, and the UAE, the Qatar government has reacted promptly to stabilise the economy and ensure commercial and trade relations remain undamaged. The government has also stated that it intends to continue its current infrastructure and development program on the same timetable as before The general reaction from the market is that it remains business-as-usual.. Many British companies have reported that the trade embargo has not yet had any significant impact on their UK-Qatar business.
The primary impact has been the need to reroute cargo (both flights and shipping) via Oman and Kuwait. The Qatar authorities have moved swiftly to agree new measures to strengthen the trade and shipping links with the Omani ports of Sohar and Salalah and similarly to reinforce air links with Kuwait, Muscat and other hubs in the wider region. That net effect has inevitably meant small delays to cargo shipments and increased transportation costs. But overall, the impact has not been as dramatic as initially feared and shipments are now arriving on a regular basis.
The British Chamber of Commerce Qatar (BCCQ) remains confident that the long-term economic prospects for Qatar look exceedingly strong. While it is hard to say how quickly and amicably the dispute will be resolved, attractive business opportunities in all sectors remain for UK businesses to expand trade with Qatar. In the eyes of the business community in Qatar the breakdown in relations has not affected commercial and economic affairs unduly. For those UK companies with existing business in Qatar or immediate prospects, the British Chamber would encourage you to renew contact with your key customers and partners and make early plans to visit the market. For those UK businesses based in UAE, Bahrain and Saudi Arabia or who trade with Qatar through partners and agents based there we would urge you to contact the British Chamber to discuss how best to approach the market in the light of the current trade embargo.
The British Chamber of Commerce Qatar would like to encourage those who have enquiries about the current commercial market in Qatar to contact us. We are happy to provide further information and advice to UK businesses keen to trade in Qatar.
The British Chamber of Commerce Qatar 18th July 2017
Commenting on the inflation statistics for June 2017, published today by the Office for National Statistics, Suren Thiru, Head of Economics at the British Chambers of Commerce (BCC), said:
“While the fall in inflation in June will surprise many, consumer price growth is likely to resume its upward trend in the coming months, with the elevated cost of imported raw materials still filtering through supply chains. Falling prices for motor fuels were the main driver behind the fall in the inflation rate last month.
“Inflation remains a major risk to the UK’s growth prospects this year, with rising cost pressures for both consumers and businesses likely to dampen overall economic activity.
“However, it remains likely that the current spell of high inflation will be relatively short lived with moderating price growth at the factory gate indicating that inflationary pressures in the supply chain are starting to ease. If this trend continues as we expect, inflation is likely to peak sooner rather than later. While still close to historic highs, the BCC’s latest Quarterly Economic Survey revealed that the balance of firms expecting prices to rise over the next year did weaken in Q2.
“We currently expect that inflation will peak at 3.4% by end of the 2017, before easing back in subsequent years as the impact of the post-EU referendum slide in sterling drops out of the calculation.
“With UK economic conditions softening, it is crucial that the MPC holds its nerve on interest rates, particularly during this period of heightened political uncertainty. Raising rates too early could undermine consumer and business confidence, stifling UK growth further. More must also be done to ease the burden of high upfront business costs which continue to impede firm’s ability to invest, recruit and grow.”
Stands are booking fast at the B2B Exhibition, which returns to Norwich City Football Club on Thursday 12 October 2017. Only 25% of exhibition stands are remaining with just 4 spaces left at the ‘Top of the Terrace’ level.
Building on its continued success year on year the B2B Exhibition is a key event in Norfolk’s commercial calendar that gives exhibitors unique access to network with a range of businesses and promote their products and services to the Norfolk Business community. Last year’s event sold out with over 100 exhibitors and more than 750 visitors and this year is shaping up to be even bigger!
To find out more about exhibiting or to book your stand, visit the event webpage or contact a member of the events team on 01603 625977.
Just 2% of more than 2400 companies think that leaving the EU without a trade deal should be a realistic option for the UK’s Brexit negotiators.
Responses to a survey by the British Chambers of Commerce (BCC) reveal that remaining in the Single Market and Customs Union is still the most popular option, with 34% of those surveyed supporting it.
Achieving a comprehensive Free Trade Agreement (FTA) and a customs agreement was favoured by 28% of respondents, while 13% supported remaining in the Customs Union only, and 11% wanted to stay just in the Single Market.
As mentioned above, the option of the UK leaving the Single Market and Customs Union and rely on World Trade Organization (WTO) rules for trade was supported by just 2% of the 2422 businesses interviewed.
Participants were also asked about a transition period – specifically which of the following options would be best for their business: a transition period of three years (supported by 46%); a transition period of longer than three years (22%) or no transition period (17%).
Giving his view on the findings, Dr Adam Marshall of the BCC said that, while they make it clear that there are a range of business views on what the UK should be seeking in a final deal with the EU, “there is near-universal consensus that a deep and comprehensive agreement is needed”.
Coming away with no deal is not seen as a viable option, he added, as businesses want a pragmatic settlement on the practical, real-world issues that affect their operations, not arbitrary political red lines.
Getting transition arrangements on the negotiations agenda as quickly as possible would give businesses the confidence to press ahead with investment decisions, Mr Marshall suggested.
As reported last week (Support grows for EU-Japan deal), a fair wind was growing behind the proposed EU-Japan Economic Partnership Agreement/Free Trade Agreement (EPA/FTA).
Now the two sides have reached an “agreement in principle” on the main elements of an EPA, described by the European Commission as the most important bilateral trade agreement ever concluded by the EU.
As such, for the first time, a specific commitment to the Paris climate agreement has been included.
For the EU Member States, the new agreement will remove the vast majority of duties paid by their companies, which add up to €1 billion annually, open the Japanese market to key EU agricultural exports and increase opportunities in a range of sectors.
The EPA sets the highest standards of labour, safety, environmental and consumer protection, fully safeguards public services and has a dedicated chapter on sustainable development, the Commission has pointed out.
EU Trade Commissioner Cecilia Malmström said that it demonstrated that the EU and Japan, democratic and open global partners, believe in free trade.
Among other provisions, the agreement scraps duties on many cheeses such as Gouda and Cheddar (which currently stand at 29.8%) as well as on wine exports (currently at 15% on average).
“Based on today’s agreement in principle,” the Commission explained, “negotiators from both sides will continue their work to resolve all the remaining technical issues and conclude a final text of the agreement by the end of the year.”