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Welcome to the July BABN Policy and Trade Update.
Following what was an important month of June, things are moving at pace in the transatlantic corridor. U.S. President Biden and UK Prime Minister Sunak met once again, this time in London, building further momentum behind the Atlantic Declaration released the previous month. The UK now also took the last step in joining CPTPP and signed the 5th UK MoU, this time with the State of Utah. Furthermore, plans for the Northern Ireland Investment Summit set to take place in September are shaping up; traffic of political leaders across the Atlantic remains high, with UK Investment Minister Lord Johnson being in New York and Boston, and Illinois Governor J.B. Pritzker in London, among others.
As we look ahead, take note of International Trade Week returning this November, and the BritishAmerican Business Policy Agenda to be published in September 2023.
See below for a breakdown of policy and trade headlines and our published works.
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Northern Ireland Investment Summit 2023
12-13 September 2023
An overview: Belfast will host an investment summit in September 2023 as part of events planned to mark the remarkable progress made since the 25th anniversary of the signing of the Good Friday Agreement.
What will it focus on: The summit looks to demonstrate and explore what makes Northern Ireland an attractive destination to live, work, and invest in, and to exhibit the opportunities offered on the back of the Windsor Framework agreement, providing Northern Ireland with unique access to UK and EU markets.
Profiling Northern Ireland's innovation and technological strengths, the summit will particularly focus on:
- Financial and professional services
- Life and health sciences
- Technology, advanced engineering, and manufacturing
- Creative industries
- Real asset investment opportunities
Why it matters: Northern Ireland's unique position provides it with vast opportunities in trade and presents it as an attractive investment destination. The event is an opportunity to meet with foreign investors, UK Government Ministers, and key Northern Ireland stakeholders and businesses in an effort to attract further FDI.
Attending the Summit: Companies with an existing or potential investment in Northern Ireland will be welcome to attend and can do so by applying here, or letting Sophie Rahemanji ([email protected]) know, who can inform the organisers. Please get in touch with any further questions.
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UK Joins CPTPP
16 July 2023
What's happened: The Comprehensive and Progressive Trade Agreement for Trans-Pacific Partnership (CPTPP) was signed by Secretary of State for Business and Trade Kemi Badenoch.
A summary: Described by Kemi Badenoch as ''a big boost for British business'', the commitment to CPTPP admits the UK to a modern and ambitious trade deal spanning 12 economies across Asia, the Pacific, and now Europe. With the UK as a member, CPTPP will have a combined GDP of £12 trillion and account for 15% of global GDP.
Why it matters: Building on the Atlantic Declaration, CPTPP represents another positive economic boost for the UK in utilising post-Brexit trade freedoms to expand global trade relationships. The agreement makes 99% of British exports to CPTPP states eligible for zero tariffs, and is the first trade deal of any kind between Malaysia and Brunei with the UK.
For more information: Read our note on the UK's accession to CPTPP here.
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President Biden Visit to the UK
10 July 2023
Fill me in: President Joe Biden visited the UK to meet with PM Rishi Sunak and King Charles, to discuss security, UK-US relations, and the green economy.
Summary: Following from PM Rishi Sunak's visit to the US in June, PM Sunak and President Biden met to discuss security amidst Russia's invasion of Ukraine, with President Biden labelling the UK-US relationship as ''rock-solid''. President Biden also met King Charles, to discuss mutually-held priorities of clean-energy investment and tackling climate change.
Why it matters: The visit builds on the success and good faith established with the Atlantic Declaration signed in June, and demonstrates the close alignment of the UK and US in security and economic affairs.
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Windsor Framework
What you need to know: Earlier this year, the UK and the EU reached a new agreement, the Windsor Framework (WF), which replaced the Northern Ireland Protocol to establish new trade provisions between the UK and Northern Ireland (NI).
BAB's work: BAB produced a briefing recapping how we got to this new agreement, as well as outlining its main provisions, its benefits and opportunities, and its risks. You can access the briefing here.
BAB also sent a letter to SoS for Business and Trade Kemi Badenoch asking for more engagement with industry on the implementation of the framework, as well as more details on the practicalities and timelines within it. If you'd like to see the letter, please email Francesca Lentini ([email protected]).
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MP Chris Grayling's Sustainable Aviation Fuel (SAF) Amendment
What it is: The Energy Bill is a piece of legislation currently in the Report Stage of the House of Commons, aiming to provide new provisions for energy practices, focussing on sustainability and the green economy.
Tell me more: MP Chris Grayling has tabled an amendment to the Energy Bill calling for a 'price-stability mechanism' to support the development of the UK Sustainable Aviation Fuel (SAF) industry.
Why it matters: Aviation contributes over £22 billion to the UK's GDP annually, and decarbonisation within the industry is not possible without SAF. SAFs are also a priority to industries across the BAB network. It is essential that the UK's domestic SAF industry is developed to reduce future spending on SAF projects, and boost the economy by attracting investments.
Find out more: BAB is looking to advocate on SAF and the tabled amendment. Please contact Sophie Rahemanji ([email protected]) to find out more.
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UK-Utah Memorandum of Understanding
22 June 2023
What it is: The Memorandum of Understanding (MoU) establishes a framework for British exports to Utah and encourages bilateral investment. Minister for Trade Policy, Nigel Huddleston signed the MoU with Utah Governor Spencer Cox.
Why it matters: This is the fifth MoU agreed between the UK and a US state. It establishes a framework for British exports to Utah and its $201 billion dollar GDP state. The agreement is the first UK-US MoU to include fintech cooperation, whilst also including collaboration on life sciences, supply chain resilience, and aerospace industries as sectors of focus. 9
For more information: Read our paper on MoUs 'Taking Trade Local, The Business Case for State-Level Trade and Investment Cooperation' published earlier this year here.
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Lord Harrington Review
31 July 2023
What it is: Lord Harrington is conducting a review on the request of the Chancellor of the Exchequer into the UK government's approach to attracting foreign direct investment (FDI). This is to ensure the UK continues to be a competitive investment destination across areas including labour, infrastructure, and tax.
The scope: This review looks at how the UK government can best take advantage of subsidies overseas, including the Inflation Reduction Act, and learn from competitor countries on how to improve attractiveness of investing in the UK economy. Whilst non-exhaustive, the review will consider key growth sectors: Green Industries, Advanced Manufacturing, Digital Technology, and Creative Industries.
Why is it important: BAB has been asked to submit a response to the review. To find out more on our submission, please contact Sophie ([email protected]).
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International Trade Week Returns
6 - 10 November 2023
What it is: International Trade Week is back for its 3rd year running. Led by the Department for Business and Trade, and in partnership with industry, the week's activities are for UK companies of all sizes and sectors - whether selling goods or services. Events, workshops, seminars, and more will be available.
Are you interested?: Email [email protected] to find out how you can be a part of ITW 2023, or register early interest to participate here.
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Thank you for reading this month's Policy and Trade Update. If you have any feedback or comments please contact us.
BAB participates in and offers policy and trade support to the BritishAmerican Business Network, a group of over 20 independent trade organisations across North America and the U.K. If you would like to learn more about the network and its activities, please visit our website.
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