Welcome to the September 2017 BABC Trade & Investment Update 

Before we look back at a September, let us first think of all those affected by the hurricanes and storms in the US, and acknowledge the support that many of our friends and colleagues at BABC chapters in the region offered.

As we enter a very busy period of events in the fall, we are delighted to announce that BABC has again been chosen as International Delivery Partner to the International Business Festival 2018, the world's biggest business festival, which hosts over 100 major events with 200 world-class speakers in Liverpool, UK. With a focus on nine of the most exciting global industries, the programme will be one not to miss. Please find more details below.

We are also using the opportunity in this update to highlight the presence of our network in Canada, making our network truly transatlantic.

Our transatlantic network grows every day. Join us and get in touch at trade@babinc.org  

Follow @BABPolicy and @BABCTrade to stay up to date with all things trade. 
Highlights
BABC announces Partnership with International Business Festival 2018

BABC is delighted to be announced as the International Delivery Partner of the International Business Festival 2018, the world's largest business event. Hosted every two years in its home city of Liverpool, from June 12th to the 28th, the Festival connects influencers, innovators and industry leaders from around the global marketplace.

Join the countless events and/or take advantage of the many commercial opportunities that the International Business Festival 2018 provides.

Watch this space for more information and registration.



"Across the Pond" Feature: Zebra Technologies
To learn more about Zebra Technologies' story, click here
Special Feature: BABC Toronto Chapter
BABC is delighted to support trade between United Kingdom and Canada through the BABC chapter in Toronto, The British Canadian Chamber of Trade and Commerce.

To learn more about the BABC chapter in Toronto, click here
Meetings and Initiatives
BABC New York City Chapter hosts Ambassadorial Briefing: The Future of Europe 2017

On September 13, BritishAmerican Business together with European-American Chamber of Commerce welcomed the Permanent Representative to the United Nations from Belgium, Germany, Spain, Ukraine and the United Kingdom to New York City. The purpose was to give insights on challenges and opportunities that the international business community will face in 2018.

Matthew Rycroft, Permanent Representative to the United Nations, United Kingdom stated that: "Trade and investment will be the foundation for the future of the British economy". Since Brexit, the UK will need to rely on trade and investment, more than ever to ensure solid economic growth.

BABC Team joined 'Friends of Denver' Reception
To celebrate Norwegian's inaugural flight from London to Denver (CO), Mayor Michael B. Hancock invited members of the transatlantic business community to a 'Friends of Denver' reception on top of the Leadenhall Building. The BABC team joined for an exciting evening, bringing London closer to Colorado.
BAB London engage in a meeting with DEXEU
On Tuesday 12 September, BAB London, representing some of the largest US investors into the British economy, met with Philip Rycroft, Second Permanent Secretary at the Department for Exiting the EU. The purpose of the meeting was to present the views of American business to the Department and the priorities they want to see addressed in the next round of Brexit negotiations. Since the meeting Philip Rycroft has been promoted to Permanent Secretary and is now responsible for running the Department.
BAB London welcomes US Administration Autumn Update on Tax Reform

On Tuesday 5 September, BAB London presented an informative breakfast briefing moderated by Jay Nibbe, Global Vice-Chair, Tax of co-sponsor and host EY. Members were offered insight on the most recent updates and changes impacting key business sectors with a focus on the role of regulation and reform.


To learn more about our dynamic events programme, click here.
Outreach and Media
BABC-PNW publishes article on five benefits of studying in the UK

 Discover the five benefits for young seniors of studying in the UK in a new article published by the BABC Pacific Northwest chapter.

BAB Policy & Trade Director Emanuel Adam is keynote speaker at Suffolk Chamber International 'Doing Business in the USA' event

Suffolk Chamber International, the overseas trade arm of Suffolk Chamber of Commerce, hosted a Doing Business in the USA event on Wednesday, September 27. BAB Policy and Trade Director, Emanuel Adam gave insights on doing business in the land of opportunities and how to make it work across the pond.

BABC Trade Twitter account highlights UK/US trade in new series of tweets
The BABC Trade Twitter account is featuring the importance of UK/US trade in a new series of tweets by sharing info-graphics which highlight the trade relationship between the UK and different American cities and states.

Be sure to follow @BABCTrade to learn more about the importance of UK/US trade relations.
News
President of BABC Houston Derek Blackwood on Hurricane Harvey
President of BABC Houston, Derek Blackwood, described the fallout of Hurricane Harvey as “worse than anything that has come before” in an Energy Voice article published on 29 August . The storm hit the south of the US during the last weekend of August, causing flooding and devastation to homes and businesses. Many of those worst affected live in peripheral neighborhoods of cities like Houston, lacking the means to safely escape the danger zone. Follow this link for BABC Houston's Harvey Relief Resources as well as to make donations.
US Tax Reforms Progress
The US Administration is working on releasing an outline of their tax-reform plan, offering some of the concrete details of a proposal to accelerate American economic growth, featuring major reductions in individual and corporate tax rates.

President Trump and top GOP lawmakers are pushing for a tax system overhaul, promising to boost American economic growth. Questions about the plan remain, including how the US Administration will pay for the cuts.

To learn more about the upcoming proposal, please click here
UK Prime Minister Theresa May speech in Florence, Italy

On Friday, 22 September, UK Prime Minister Theresa May gave an outline on the UK's future global role and relations with the European Union, as it prepares to leave the EU.
 
Speaking on the Prime Minister’s remarks, Wendy Mendenhall, Global Executive in Charge, BritishAmerican Business, said: “The transatlantic business community welcomed today’s speech by the UK Prime Minister in Florence, Italy, which emphasized the UK’s commitment to address global challenges and its willingness to build on the foundations the UK laid within a successful EU”.

To read BAB's full statement, please click here
Imports and Exports Update
Source: HM Revenue & Customs Trade Statistics, accessed 26 September 2017
Ask a Question
Follow Sietske de Groot on Twitter @Sytsque

'Transition means transition'?

Sietske de Groot, Trade Peers Ltd explains the pitfalls.

After the UK leaves the EU on 29 March 2019, the UK Government would like the country to ease into a new legal regime with a two-year transitional, or ‘implementation’ period. This is helpful, assuming there will be a smooth, predictable transition. Risks of a ‘cliff-edge’ scenario where trade barriers spring up overnight cannot entirely be ignored. This is why.

The Government has ruled out one transition option, which would be to perpetuate current arrangements indefinitely until a trade deal is in place, even though this would be the least complicated option for business continuity.

Instead, the Government aims for a bespoke arrangement that grants the same access to the EU market, as we have now, between exit day and an intended EU-UK trade deal. For this to happen, the controversial EU Withdrawal Bill (‘Repeal Bill’) needs to pass in Parliament. Also, the EU and the UK need to agree on citizens’ rights, the financial settlement, and the border with Ireland. Finally, the bespoke arrangement, which the EU is not in favor of, must be agreed by September 2018 for inclusion in the divorce agreement. These steps would have to be completed within 12 months.

So, it is not a given that transition means transition. The negotiations could collapse, which may move us further away from the friction-less trade we currently enjoy with the EU.

EU leaders will decide on 19 October whether discussions on transition can start. Watch this space!

A longer explanation of the transition issue has been published by The Influence Group


Upcoming Events
Organized by BABC of Greater Philadelphia
Brexit & the New Geopolitical Order
Moderated by BAB Policy & Trade Director Emanuel Adam

5th of October 2017, Hercules Plaza (Wilmington)
Organized by BAB New York
Transatlantic Business Awards Dinner 2017

18th of October 2017, The Pierre (New York)
Organized by BABC Pacific Northwest
BABC Aerospace Conference
19th of October 2017, The Museum of Flight (Seattle)
Business Opportunities
Trade Mission aims to build links between US and Yorkshire media firms
Senior figures from US media firms will head to Yorkshire next month as part of a trade mission which aims to forge stronger ties between New England and companies at the heart of the Northern Powerhouse.

Click here to learn more about the trade mission
US Commercial Service
The US Commercial Service is the trade arm of the US Department of Commerce's International Trade Administration. Their trade professionals in more than 100 US cities and 75 countries are available to help US companies get started in exporting and can help UK companies establish a presence in the US.

Learn more about BABC
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 

To stay up to date on Brexit, Trade and other issues relevant to the transatlantic business community, follow us on Twitter @BABPolicy and @BABCTrade and join our LinkedIn Group Global Trade and Investment .