International March Briefing

TRADE

UK Certificates of Origin switching to UK

Summary of European Commission guidance on the EU CBAM for UK exporters. On 1 October 2023, the European Union’s Carbon Border Adjustment Mechanism (CBAM) entered into application in its transitional phase. During the transitional phase, importers of CBAM goods in the EU are required to report a set of data, including emissions embedded in their goods. The European Commission has published summary guidance on the EU CBAMs Summary of European Commission guidance on the EU CBAM for UK exporters. The guidance is intended to help UK exporters of CBAM goods to identify relevant EU guidance and information during the transitional phase.

GLOBAL TRADE

UK protects iconic British food & drink in Japan

UK and Japan have completed the process to grant special protected status to iconic British food and drink products including Cornish Pasties and Anglesey Sea Salt to safeguard against imitation.

Japan’s population of 125 million has a strong appetite for international food and drink. The country’s status as the world’s third largest economy in 2022 and GDP per capita of £27,400 highlights the strength of its consumer market and the commercial opportunities for premium British products in Japan.

Securing GIs for iconic British products such as Melton Mowbray Pork Pies, Welsh Beef and Staffordshire Cheese prevents counterfeit products being placed on the Japanese market, ensuring UK businesses can export with confidence and consumers receive authentic, high-quality products.

UK/Nigeria Partnership

The UK signed a partnership agreement with Nigeria to boost trade and investment and unlock new opportunities for UK and Nigerian businesses. The partnership will create opportunities across a breadth of sectors crucial to both economies, such as financial and legal service.

The Enhanced Trade and Investment Partnership (ETIP) is the first the UK has signed with an African country and is designed to grow the UK and Nigeria’s already thriving trading relationship, which totalled £7 billion in the year to September 2023. Nigeria is the biggest economy in Africa and one of the world’s fastest growing economies – predicted to be in the top 20 by GDP by 2035.

UK Trade Agreements

Trade agreements set out the rules for buying and selling goods and services between 2 or more countries. They reduce restrictions on imports and exports, which can make trading easier and cheaper when they are used. Find out which trade agreements the UK has signed and which the UK is negotiating.

UK-India – Discovering Business 2024

India is seen as a stable partner and an attractive investment destination (Siddharth Mukne – UK India Business Council). A recent Economic Times report showed a surge in interest from companies looking for support in developing and implementing an India entry strategy. The live discussions between the UK and India on a Free Trade Agreement as well as increased media attention on India’s growth story such as the recent space launch (Chandrayaan-3) is also adding to interest from UK and global companies.

Department for Business & Trade and UK India Business Council have produced a guide to business opportunities in India.