NEWS | World Trade inclusive solutions that work for all stakeholders( investors, exporters, importers, economy, and society). In addition, they promote dialogue among policymakers, civil society, and business in order to provide UK business with a more coherent voice on the world stage – guaranteeing that prospective trade partners are aware of UK business’ key trade areas.
Working with UK government to align national efforts with the G20 is a crucial part of this, with the aim of increasing the UK business profile at the intergovernmental level. In fact, only 13 UK companies are engaged in B20 Germany 2017. And 50 % of those are from financial eservices and none of them is from outside of the M25. In a post-Brexit environment, this engagement will need to improve if UK business wants to have any influence.
Fortunately, ICC aims to strengthen co-operation with major investor nations( Ireland, India, Japan, and the US, for instance) through a presence at major international summits. Developing policy products, including statements to shape intergovernmental discussions, as well as rules and codes to facilitate international business transactions, conveys UK business views on international trade. This ensures that UK business priorities are addressed and that they are able to
tap into the array of trade opportunities available to them.
Promoting the importance of free trade is crucial in order to counter the rapid spread of protectionist measures. For example, ICC’ s Global Alliance for Trade Facilitation has played a major role in helping to secure the recent ratification of the WTO’ s Trade Facilitation Agreement( TFA), which contains provisions for faster and more efficient customs procedures, making trade easier, quicker and less costly for businesses of all sizes. When implemented, this agreement will increase global merchandise exports by up to US $ 1 trillion, create 20 million jobs and reduce trade costs by 14 %. The big winners will be SMEs and emerging markets, both top trade priorities for the UK. It is a perfect example of the kind of initiative UK business should support.
Finally, UK businesses looking to export need advice on a number of aspects relating to planning, distribution channels, and the logistics of shipping and transport. Effective guidance on how best to research the opportunities and challenges in new markets is becoming increasingly available through government initiatives, such as Exporting is GREAT, as well as from business organisations. But it is up to UK businesses to tap into the available guidance and resources.
SUPPORTING TRADE Yet, no matter how supportive organisations are to UK business agendas, none of this matters unless government provides UK business with the infrastructure to trade and plays a proactive role with business to improve the trading environment outside the EU.
UK businesses can and should voice their support for multilateral trade agreements, as a proliferation of bilateral trade agreements will add more complexity, costs and red tape. They can voice their support for the removal of trade barriers. And, most importantly, they can voice their support for the implementation of the WTO’ s TFA.
Trade helps drive sustainable growth, quality job creation and increased consumer choice, if national governments have the right policies to support it.
It is true that Brexit, while problematic for UK trade, does create the push to export further ashore, and to markets that are particularly receptive to British goods. It is also true that we will not be able to make the most of these opportunities without government and intergovernmental support. But, above all, it is true that if UK business speaks, and insists on free trade and multilateralism, and speaks loudly enough, and through global business channels, governments will listen. Q dofonline. co. uk DIRECTOR OF FINANCE 11