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Welcome to the July 2017 BABC Trade & Investment Update.
July was an important month for the transatlantic business community, particularly with UK Secretary of State for International Trade, Liam Fox, and US Trade Representative Robert Lighthizer, jointly chairing the plenary session of the first meeting of UK-US Trade and Investment Working Group and encouraging talks around how to bring the UK and US economies closer together. On that note, we welcome a report published by the British Embassy in DC on the impact of US-UK trade and investment for the 435 US Congressional districts (See further details below).
A timely visit, as this month BritishAmerican Business (BAB), the BABC London chapter, launched its flagship publication 'Across the Pond: American Trade & Investment Success Stories in the UK'. It is the first publication of its kind, shining a spotlight on American businesses who have 'crossed the pond' and found success in the UK. Congrats from the entire BABC network on this initiative that we hope will be shared widely.
Other highlights this month included BABC participation in US trade delegation visits to the UK, including the Mayor of Chicago, Rahm Emanuel, and Houston Mayor, Sylvester Turner. The visits provided a fantastic opportunity for BABC members to network and share trade and investment experiences with each other.
Our transatlantic network grows every day. Join us and get in touch at [email protected]
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Across the Pond Launch: US Success Stories in the UK
On 13 July the BABC London Chapter, BAB launched the UK version of its flagship publication, 'Across The Pond: American Trade and Investment Success Stories in the UK'.
The launch featured an exhibition, showcasing seventeen US companies from different parts of the US who successfully journeyed across the Atlantic to create a strong business presence in the UK.
Guests included Members of Parliament, Ministers and officials from both the UK and US Governments as well as business executives representing companies from SMEs to the largest fortune 500 corporations.
BAB is looking forward to repeating the success of the US version with the sister publication, UK in the US later in 2017.
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BABC CEO joins FedEx Express Roundtable
BABC CEO Jeffries Briginshaw joined FedEx Express for a roundtable on exporting in the digital era.
The conversation focused on future breakout markets, Brexit's effect on internationalism and what is having an impact on companies exporting decision.
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BritishAmerican Business Association DC Budget Event
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BABA Washington DC hosted its Annual Review of the UK Budget and Tax Policy Decisions with Deloitte and the British Embassy in Washington DC.
Experts from the UK Embassy, Deloitte and Womble Carlyle shared their insights into the budget and UK economy as well as tax implications for transatlantic businesses to be aware of.
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Migration and Brexit: BAB London
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BAB London hosted an Immigration Breakfast Briefing looking at immigration issues arising out of the UK’s vote to leave the EU. The three speakers for the event were Stephen Earl, Migration Advisory Committee Secretariat, Home Office, Ben Sheldrick, Managing Partner, Magrath LLP and Emanuel Adam, Director of Policy and Trade, BritishAmerican Business.
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Since the event the UK Government has
commissioned the Migration Advisory Committee
to examine the role EU nationals play in the UK economy and society. As part of the major study, the government’s independent advisers on migration will also look at how the UK’s immigration system should be aligned with a modern industrial strategy.
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BABC London welcomes Mayoral delegations to the capital
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BABC London welcomed Mayoral delegations from Chicago and Houston to London in July. The City of London Corporation hosted Mayor Emanuel for a dinner to bring Chicago businesses and London stakeholders together to discuss their business engagement.
Houston Mayor Sylvester Turner also visited London as part of the Greater Houston Partnership to strengthen ties between the UK and Houston.
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NETWORK Magazine focus on Trade & Investment
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NETWORK Magazine's July edition is now out and focuses on Transatlantic Trade & Investment.
Features include Interel Group Director, Carl Thompson on how Brexit should impact investment decisions, as well as Michael Shmittlein on Wells Fargo's survey that finds US Corporates are Optimistic about Brexit.
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BABC CEO Jeffries Briginshaw appeared on CNBC's Street Signs segment alongside Labour MP Barry Gardiner to discuss Secretary of State Liam Fox's visit to the United States to discuss a future UK-US trade deal.
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Jeffries Briginshaw joined PWC colleagues on the second edition of their Trade Matters podcast, discussing the US angle in renegotiating NAFTA and whether the UK can learn from the NAFTA negotiations as it embarks on Brexit.
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BABC Midlands USTR Statament
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BABC Midlands have released a statement welcoming the appointment of Robert Lighthizer as United States Trade Representative.
BABC chairman Steve Allen said: "Ambassador Lighthizer brings leadership and experience to the Office of US Trade Representative and its task of shaping a fair and competitive US trade policy".
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First meeting of UK-US Trade and Investment Working Group
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International Trade Secretary, The Rt Hon Dr Liam Fox MP, and the US Trade Representative, Robert Lighthizer, jointly chaired the first meeting of the Trade Working Group, made up of representatives from several US and UK government agencies and delegations from the UK and US.
The meeting focused on providing commercial continuity for US and UK businesses as the UK leaves the EU and exploring ways to strengthen trade and investment ties ahead of the exit.
BABC and BAB is fully supportive of the Working Group’s aims to and stands ready to support the process of strengthening trade and investment ties, preparing the ground work for an FTA when the UK has left the EU.
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Secretary Liam Fox Speech: Transatlantic Trade and Brexit
UK Secretary of State for International Trade, Liam Fox, delivered a speech in Washington DC on the US-UK economic relationship and how Brexit has changed the UK's international trade policy.
The Secretary told the audience that Brexit has opened a new chapter in the UK's pursuit of global free trade.
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Boeing announce £20m investment into Sheffield
The worlds largest aerospace company Boeing have announced a £20m investment into a new production facility in Sheffield.
Subject to approval, the proposed 2,300-square-metre (25,000 square feet) Boeing Sheffield facility will be built alongside The University of Sheffield’s Advanced Manufacturing Research Centre and employ 30 people.
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Imports and Exports Update
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Source: HM Revenue & Customs Trade Statistics, accessed 26 July 2017
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New Report shows trade links between UK and all 435 Congressional districts.
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The British Embassy in Washington DC released a new flagship report that outlines the economic benefits of trade and investment between the United Kingdom and each of the 435 US Congressional Districts.
Read the full report here
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Will the EU Withdrawal Bill provide the certainty business needs?
By Sietske de Groot, Trade Peers Ltd
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The ‘Repeal Bill’ domesticates EU law and repeals the European Communities Act. It ensures that the EU and UK legal orders are gradually disentangled.
Imagine you are leaving your job. After years of engagement you have 2,000 business cards and one day to sort them. The best strategy is to put them in a bag and comb through them later on.
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This is what will happen with EU law. In one stroke of a pen EU laws are moved to the UK statute book. But EU rules are already part of UK law, wasn’t this the problem for many who voted Leave? Indeed, but after we have left, MPs will either keep, amend, or repeal those laws.
The simplicity of laws being the same pre and post-Brexit is tempting. However, regulatory divergence is eyeing us. If retained EU laws are not updated with their EU counterpart, we will quickly have an older version. Like operating systems that are not updated regularly, this can leave the door open to complications. Problems may worsen if legal patches are not provided. Also, changes by our Parliament could result in divergence if domestic interests are prioritised over access to the single market.
Brexit is characterised by a lack of clear plans, leaving businesses in limbo. There is no doubt a mechanism for separating laws is needed. But can it repeal uncertainty?
A longer version of this blog was published by the Influence Group.
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Tuesday 29 August
BACC Cleveland
Back for its 16th year, the Annual BABC Cleveland Ryder Cup competition pits Europe vs America in the classic golf showdown.
The event is kindly supported by Taft and PWC. Sponsorship packages are still available.
The event is open to non-golfers too
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Wednesday August 30
BABC Northern California
BABC Northern California in collaboration with international Chamber colleagues are hosting a European Networking Event.
Come and mingle with entrepreneurs, VC's and a range of professionals involved in cross-border business in a very relaxed and European style.
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BABC New England Trade Mission: Places Remaining
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A September trade mission to three cities aims to bring UK business to Boston and New England following the recent upheavals of the Brexit vote.
The mission, which will be led by the British American Business Council of New England (BABCNE), and accompanied by the British Government’s Consul General to New England, Harriet Cross, will see a number of New England-based media, digital and legal firms make the trip to Manchester, Leeds and Newcastle on September 16th.
The mission, which will see the delegation received by senior business and civic leaders and Government representatives in the three major UK cities, is still open for delegate businesses who want to travel with the 15-strong group, who will benefit from tailored meeting programs during the seven-night trip.
There is a great deal of interest in the mission from the UK side. BABCNE’s network will give US companies invaluable fast-track access to a wide range of contacts and to market knowledge that simply wouldn’t be available to businesses making their own way alone.
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UK Space Agency offering grants for out of this world ideas.
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The UK Space Agency is offering grants to research institutions, industry and non-profit organisations to develop strong international partnerships to help tackle economic, societal and environmental issues using satellite technology.
The Agency will award funding through its International Partnership Programme (IPP), which is designed to partner UK space expertise with overseas governments and organisations.
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It is part of the Global Challenges Research Fund (GCRF), which aims to support cutting-edge research and innovation that addresses the challenges faced by developing countries.
Earlier this year IPP Call 1 saw £70 million in funding given to projects in partnership with the UK space industry, applying inventive satellite solutions to a range of areas such as deforestation, illegal fishing, marine pollution, disaster recovery, drought and flooding.
Call 2 for funding will close on 5 September 2017. The assessment is due to take place in October 2017 and successful projects will begin by the end of the year.
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If you are
interested in joining BABC at one of our 22 chapters spanning the UK and North America, please get in touch with your local chapter. More information can be found at www.babc.org
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