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Welcome to BAB's Policy and Trade Update for November 2021, created for colleagues and partners in the BAB Network and the wider transatlantic community.
In addition to the re-opening of the US border to UK/EU citizens and positive developments in the US-EU steel and aluminium trade dispute, last month also marked a pivotal moment as global leaders gathered for the COP26 climate summit in Glasgow. Despite some disappointment over the final resolution, much can be said of the positive momentum the summit created, the commitments made, the business participation, and the leading role the UK played in the lead up to and outcomes of the summit.
Many chapters in the wider BABN network participated through their own events. The Scottish-North America Business Council (SNABC) in particular was a visible and active organisation at the heart of the COP26 activities.
Other developments in the transatlantic trade space include the launch of the UK's first International Trade Week and the release of its new export strategy. In the US, BAB and its partners worked with SelectUSA to understand re-shoring incentives for companies interested in bringing manufacturing (back) to the US.
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COP26: 2021 UN Climate Change Conference
November 2021
The 26th United Nations Climate Change Conference was held in Glasgow from October 31 to November 12. An agreement was reached after the conference was extended into Saturday. The final text includes plans to reduce coal and emissions and provide money for developing countries to adapt to climate change.
BAB co-signed a statement on behalf of the transatlantic business community, reaffirming its commitment to the goals of the COP26 conference and the emissions reductions targets set out by the Paris Agreement. We support the objectives of the conference and the emission reduction targets set out by the Paris Agreement. Industries have and will continue to play a key role in supporting climate mitigation and adaptation, and we look forward to future collaboration with policymakers to pursue ambitious climate objectives.
Read the full statement here.
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US and EU suspend steel and aluminium tariffs
31 October 2021
On October 31 the US and EU announced they would pause the ongoing steel and aluminium dispute and launch a new Global Arrangement on Sustainable Steel and Aluminium. As part of the agreement, the US will ease its tariffs on European steel and aluminium beginning January 1, 2022, replacing current tariffs with a tariff-rate quota. The EU will remove retaliatory tariffs on US exports including those on bourbon whiskey, Harley-Davidson motorcycles and motorboats that were set to double on December 1.
BAB welcomes the decision to reduce what we view as an unnecessary burden to trade between both sides of the Atlantic. We encourage both governments to continue to work together to reduce the obstacles to transatlantic trade and investment wherever possible.
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BAB Roundtable with Senator Rob Portman
5 November 2021
As part of BAB’s Joint Policy Steering Committee Week series, BAB hosted US Senator Rob Portman for a roundtable on the direction of US-UK trade. Senator Portman has been a long-standing friend of our organisation and we are glad to have had the opportunity to welcome him to our London office.
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US-UK Strategic Energy Dialogue
4 November 2021
UK Business and Energy Secretary Kwasi Kwarteng met with US Secretary of Energy Jennifer M. Granholm at COP26, marking the launch of the US-UK Strategic Energy Dialogue. The partnership is intended to strengthen US-UK cooperation in areas such as clean energy technologies, industrial decarbonisation, nuclear energy, energy security, and science and innovation.
The ministers reiterated both countries’ commitment to global clean energy objectives and emphasised the importance of green industry for a more sustainable, resilient economy. BAB welcomes transatlantic cooperation to pursue climate goals and looks forward to future collaboration between the US and UK to lead global climate efforts.
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BAB Response to UK Data Protection Regime Consultation
19 November 2021
BAB recently submitted a response to the Department for Digital Culture, Media & Sport's public consultation on proposed reforms to the UK's data protection regime. We welcome the UK's efforts to build on and strengthen what is already a robust data protection regime and support data-driven business and trade. Future reforms must protect the privacy and personal data, while also availing of the advantages of the digital economy.
We highlight the importance of delivering new data adequacy decisions with the UK's international partners, particularly the US, to facilitate cross-border data transfers and provide clarity for businesses. The creation of new regulatory options for transferring data should be done in consultation with industry and regulators to ensure future mechanisms simplify the process for businesses and align with global trends. The response also draws attention to the importance of multilateralism as a way to improve data governance and data transfers while shaping global standards.
Read BAB's full response here.
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UK International Trade Week
15 November 2021
The UK Department for International Trade launched its first-ever International Trade Week. A series of events were organized from November 15 to 19 to help UK businesses export goods and services globally and connect with trade industry experts. The programme included events covering export finance, government support for exporters, and regional commerce opportunities. More information can be found here.
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Improvements in US Supply Chains
17 November 2021
The White House announced last month it will begin publishing a twice-monthly dashboard of metrics to track the development of current supply chain disruptions.
The most recent briefing highlights some improvements for US ports and supply chains, such as decreasing congestion at US ports and a reduction in long-dwelling containers. Some ports have announced they will postpone charging proposed congestion fees as a result.
Other developments to note include increasing concerns around high shipping costs, particularly rising carrier fees for American exporters and importers, that could reduce American competitiveness in the global market. The White House proposes a renewed focus on maritime regulation to address these issues.
Read the full briefing here.
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UK Launches New Export Strategy
16 November 2021
This month, the UK Government launched a new 'Made in the UK: Sold to the World' export strategy. Laid out in a 12-point plan, the new strategy aims to help businesses across the UK increase exports around the world and hit £1 trillion in exports.
Expanding UK exports is expected to support the country's levelling up agenda, create new jobs, and boost economic recovery after the pandemic.
BAB welcomes this initiative and looks forward to continuing to work alongside the UK Government and transatlantic businesses to strengthen the transatlantic trade in goods and services.
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Events & Initiatives in the Network |
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Policy to Practice: Promoting a Resilient, Net Zero Future
November 2021
We’re pleased to see events and initiatives in the BAB network that reflect the developments at COP26. The Scottish North American Business Council in partnership with WSP USA recently held a speaker panel live from Glasgow with private and public sector leaders to discuss opportunities to spur climate action around energy, finance, and trade, and ensure generational investments deliver a range of co-benefits.
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Virtual Fireside Chat with Shevaun Haviland
7 December 2021
Join BAB for a virtual fireside chat with Shevaun Haviland, Director General, British Chambers of Commerce. Shevaun will share her perspective on the importance of the UK as an investment destination; the importance of the US market for UK businesses; conduct for businesses in the post-Brexit period; and current issues regarding data, supply chains, or labour mobility.
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Risks and Rewards in International Trade
7 December 2021
Join the Greater Birmingham Chambers of Commerce for a half-day course designed to help businesses understand the different risks and rewards of international trade. The event will help businesses prepare to import or export and make informed decisions to mitigate risks. Topics to be covered include political risk, commercial risk, logistics risk, foreign exchange risk, and financial risk. For more information or to register for the course, visit the event page 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 network of 20 independent organisations across the US and UK dedicated to BAB’s mission and purpose. If you would like to learn more about the network and its activities, please visit our website.
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