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Welcome to the BABN’s March Policy and Trade Update.
Last month saw a number of important trade and policy developments for the transatlantic community, most notably the start of the US-UK Dialogue on the Future of Transatlantic Trade and the easing of Section 232 tariffs on steel and aluminium. There are also a number of upcoming trade and policy events to be aware of in the coming months, including the BABN Trade Expo next month.
See below for the policy and trade headlines of March 2022, as well as additional information on upcoming events in the Network.
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US-UK Dialogues on the Future of Transatlantic Trade
21 March 2022
The most notable development of March 2022 is clearly the establishment of the US-UK Dialogues on the Future of Transatlantic Trade, the first of which was held in Baltimore on March 21.
BAB was pleased to be an integral part of the Dialogue and one of the leading business voices present in Baltimore; BAB CEO Duncan Edwards and Chief Trade and Policy Officer, Emanuel Adam, as well as a number of BAB member companies, participated in the Dialogue.
Our community has long advocated for such a forum to continue to strengthen the transatlantic trade relationship in the lead up to a free trade agreement (FTA), most recently in our December 2021 white paper calling for a US-UK Trade & Economic Council. While we recognize that the transatlantic economic corridor would be best served by a comprehensive FTA, these dialogues are an important way to continue to liberalize trade between the two countries and address existing financial, regulatory, and technical barriers to trade.
We look forward to being a strong partner to both the US and UK governments in the lead up to and implementation of future Dialogues. We encourage both governments to use these opportunities to make tangible progress on trade and investment issues, guided by ongoing engagement with businesses.
Read BAB CEO Duncan Edward’s full statement here.
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US-UK Agreement on Section 232 Tariffs
22 March 2022
Following the conclusion of the first Transatlantic Dialogue, the US and UK announced a deal had been reached to remove tariffs on British steel and aluminium exports to the US. The UK will also lift its rebalancing measures on US products including whiskey, blue jeans, and motorcycles, in response.
The announcement was a major development for our community, which has advocated for the removal of the steel and aluminium tariffs since they were imposed in 2018, and is a significant step towards resolving what has been a lengthy trade dispute between the US and the UK.
The agreement follows similar arrangements made between the US, EU, and Japan on this issue in December 2021 and January 2022, and includes a commitment from both countries to also address non-market excess capacity.
Read BAB’s full statement welcoming the announcement here.
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2022 Congressional Staff Delegation
24 March 2022
BAB was pleased to have the opportunity to meet with a visiting Congressional Staff Delegation in London this March, following two virtual sessions with the delegation in 2021.
The briefing was a great opportunity for some of our policy group members to share views on the UK political landscape and hear from Congressional staffers on some of the top issues in Washington.
Special thanks to our member Hogan Lovells for hosting the session. We look forward to more in-person delegations and policy events in the coming months.
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New Framework for Transatlantic Data Flows
25 March 2022
President Joe Biden and European Commission President Ursula von der Leyen have announced that the US and EU have reached an agreement in principle on a new framework for transatlantic data flows.
The announcement comes after lengthy negotiations to replace the EU-US Privacy Shield, which was invalidated following the Schrems II ruling by the Court of Justice of the European Union in 2020.
While the political agreement indicated by the EU and the US is a welcome step towards resolving this longstanding issue, it is important that the final agreement strike an adequate balance between the free flow of data and a high standard of privacy protection.
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US-UK Virtual Trade Expo
April 20, 2022
In partnership with the BAB Network, BritishAmerican Business will be holding our second annual US-UK Virtual Trade Expo on Wednesday, April 20.
The Expo will be facilitated through an online platform that offers an immersive and interactive expo venue. Attendees will have the opportunity to learn about the US and the UK as investment destinations and take a deep dive into specific regions for more information on market entry. There will also be representatives from regions across the US and UK present with their own exhibitor booths, local agencies, and experts to share information or answer questions.
You can register for the expo here.
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UK Export Support Service Guidance on Trading with Ukraine, Russia or Belarus
March 10, 2022
The UK Export Support Service is now available to answer questions for businesses trading with Ukraine, Russia or Belarus. Additional resources on navigating the sanctions against Russia are also available here.
More generally, the service offers assistance to UK businesses selling goods or services across Europe. Support is available online or by phone.
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Events & Initiatives in the Network |
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Fireside Chat with Emma Wade-Smith OBE
24 March 2022
BAB was delighted to host Emma Wade-Smith OBE, Her Majesty's Trade Commissioner for North America and HM Consul General for our inaugural Nashville event on the future of the US-UK trade and investment relationship. The event featured insights into US-UK trade cooperation, post-COP26 green growth strategies, and sector-specific insights on businesses expanding and investing in Nashville.
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LGBTQ Supplier Diversity, Trade & Business Roundtable
30 March 2022
BABC Philadelphia hosted a virtual roundtable organized by the U.S. Commercial Service on LGBTQ supplier diversity, trade, and business. The event offered information on trade and supplier diversity, including government programming to support supplier diversity, and featured contributions from business leaders and entrepreneurs who have successfully diversified their supply chain. To find out more about upcoming events in the Network, visit the BABN website.
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Lunch Event with Mike Freer MP, UK Minister for Exports
31 March 2022
BABC Georgia hosted Mike Freer MP, UK Minister for Exports and Emma Wade-Smith OBE, Her Majesty's Trade Commissioner for North America for a discussion of the UK's "Race to One Trillion" export ambition, and the importance of transatlantic innovation and trade in securing a shared, safer and more sustainable future. More information can be found here.
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Transatlantic Confidence Index Survey 2022
4 April 2022
BAB, in partnership with Bain & Co., will be launching its second annual Transatlantic Confidence Index Survey the week of 4 April.
The study will examine confidence on both sides of the Atlantic with a survey of major US corporations' confidence in the UK as a place to invest in and do business, as well as UK corporations' confidence in the US. You can read last year's report here.
Please contact Dagny ([email protected]) if you would like to participate in the survey.
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Annual Trade & Geopolitics Update: Conflict, Climate & Recovery
5 April 2022
BAB, in partnership with AIG, will be hosting its annual trade and geopolitics update on 5 April. The virtual event will feature a leading panel of global trade experts to discuss some of the most pressing developments in geopolitics and global trade, including the impact of the war in Ukraine on the global trading landscape, the future of European energy consumption, and post-pandemic economic recovery. For more information, or to register for the event, please visit the event page.
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International Due Diligence: Tips for Screening your Foreign Buyer
19 April 2022
BABC Chicago will be hosting a timely webinar on international due diligence, sponsored by the Illinois SBDC International Trade Center at College of DuPage Business Development Center and the International Trade Association of Greater Chicago. The webinar will feature a presentation on best practices from Louise M. Kern, Managing Director, Global Business Information Services, Inc. For more information and registration, please see 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 UK. If you would like to learn more about the network and its activities, please visit our website.
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