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Welcome to BAB's new Policy and Trade Update for October 2021, created for colleagues and partners in the BAB Network and the wider transatlantic community.
Clearly, the most important update for our network is the reopening of the transatlantic travel corridor for vaccinated citizens from the UK and EU. The past month has also seen the release of BAB's annual Policy Agenda and new transatlantic trade and investment statistics, as well as the launch of a UK Government hotline for British exporters.

As we look ahead, we are pleased to see that the events and initiatives across the wider BAB Network reflect the momentum and ambition to strengthen the transatlantic corridor and advocate for policies that make this crucial trade and investment relationship better. See below for additional information and upcoming events.

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US Announces Reopening of Transatlantic Travel Corridor
20 September 2021

On 20 September 2021, the US announced it would remove travel restrictions for vaccinated travellers (a mandatory pre-departure COVID-19 test is likely to remain) from the EU and UK beginning 8 November 2021. This decision is welcomed by BAB and the transatlantic business community. BAB has worked with our partners, as well as government officials in both the UK and the US, over the past 18 months to find ways to safely cross the transatlantic corridor. The decision to ease restrictions in the coming month will bring much-needed relief and support to businesses on both sides of the Atlantic and help both countries recover from the economic disruption felt throughout the pandemic.

Read BAB's full statement online here.
Policy Updates
Policy Updates
BAB Launches 2021-2022 Policy Agenda
 20 October 2021

This month, BAB launched its 2021/22 Policy Agenda, an annual policy publication that outlines the key areas of importance to the transatlantic business community.

In this year’s edition, 'Defining the Pillars of a New Transatlantic Future,' BAB outline six transatlantic policy areas where leading transatlantic firms believe progress can and should be made by the US and UK governments in the months to come to strengthen the transatlantic corridor: 

  • Defining a new US-UK economic agenda based on a commitment to free trade
  • Supporting small and medium-sized enterprises 
  • Developing a new transatlantic framework for data transfers that works for business 
  • Maintaining a strong and predictable economic relationship between the United Kingdom and European Union 
  • Reaffirming the physical connection by safely reopening the US-UK corridor and further facilitating business travel 
  • Investing in the skills that both economies need to meet the demands of the 21st century 

The selected areas reflect the priorities of BAB’s Policy Group and were agreed upon at the bi-annual meeting of the BAB Policy Steering Committee – a group of 20 leading British and American companies, representing and speaking for our wider network active in the transatlantic corridor.

Read the full Policy Agenda here.
UK Cabinet Reshuffle
15 September 2021

September saw a major reshuffle of the UK Cabinet. Liz Truss, formerly the Secretary of State for International Trade, has now been appointed to the position of Foreign Secretary. We have had the pleasure of working alongside Secretary Truss in her former role as Secretary of State for International Trade and look forward to supporting her in her new position as Foreign Secretary

BAB also welcomes the Rt. Honourable Anne-Marie Trevelyan MP as new Secretary of State for International Trade, and Emma Wade-Smith OBE as the newly appointed Trade Commissioner for North America. We look forward to working alongside Secretary Trevelyan and Commissioner Wade-Smith in the coming months to shape and promote the transatlantic trade agenda.
Data Flows that Work for Transatlantic Businesses
 15 October 2021

BAB recently launched its latest briefing paper, Data Flows that Work for Transatlantic Businesses.

The paper has been produced as a result of an update to BAB’s ongoing policy work and direct engagement with U.S. and UK government officials over the past several months.
It highlights the importance of data flows to the wider transatlantic corridor and provides a set of core principles that should inform government planning and negotiations. In particular, it calls for a new US-UK data transfer mechanism to maintain data protection standards, provide legal clarity for businesses, and allow transatlantic companies to innovate and access global opportunities.
Trade Updates
Latest Statistics on UK-US Trade and Investment
07 October 2021

On October 7, the Department for International Trade released its latest factsheet detailing statistics on trade and investment between the UK and United States.

The report clearly indicates the impact COVID-19 has had on the trade of goods and services and on foreign direct investment, but also the robustness of the US-UK economic relationship. Although trade in goods and services between the US and UK has gone down almost 10%, economic data and projections for UK trade to the US predict a rebound over the next few years.

Read the full factsheet here
New DIT Services for UK Exporters
01 October 2021

DIT has recently announced the launch of new export hotline and online services for British exporters. International Trade Secretary Anne-Marie Trevelyan announced the launch, saying: “We are listening to the needs of businesses and that’s why we’re launching this fantastic new one-stop shop service, making it easier for British companies to export to Europe.” British businesses exporting to Europe will now be able to access one-to-one advice on issues such as rules of origin, professional qualifications, and entering new markets.

View the full press release here
Dates Announced for 2022 SelectUSA Investment Summit
 September 2021

Following the successful conclusion of the 2021 SelectUSA Investment Summit this summer, the US has announced the 2022 summit will return on June 26-29, 2022 at the Gaylord National Resort and Convention Center in National Harbor, Maryland. Applications will open this fall.

For more information, pre-registration, or to submit speaker suggestions visit the SelectUSA website.
Events & Initiatives in the Network
Virtual Policy Briefing on Cross Border Data Transfers in the Transatlantic Triangle
September 2021

Last month, BAB and the British-American Parliamentary Group co-hosted a virtual meeting and discussion on data transfers. The briefing allowed businesses to inform MPs and members of Congress on the practical ways in which businesses use data and why data flows are so important. The discussion addressed the challenges for businesses trying to navigate complex regulations, the impact of data localisation requirements, and considerations for a future agreement between the US and EU or US and UK regarding cross-border data flows.

For more information on cross-border data transfers, see BAB's recent briefing paper, Data Flows that Work for Transatlantic Business.
2021-2022 Transatlantic Finance Forum
October 2021

BAB’s annual Transatlantic Finance Forum kicked off in October 2021 and is continuing through March 2022. This summit annually attracts an audience of hundreds of businesses and government leaders, operators, and regulators from both sides of the Atlantic to discuss the future of transatlantic financial services. To launch this year's forum, we hosted Brian Moynihan, President & CEO, Bank of America, in conversation with Gillian Tett, Editor-at-Large, US, Financial Times. Other sessions included a roundtable with industry leaders on the future of financial services. Find more information here.
BAB Accelerate Workshop for US Inbound Companies 
30 September 2021

The BAB Accelerate Workshops for US inbound companies on September 30th and October 1st offered companies the opportunity to gain practical knowledge for expanding and growing their business in the US. The event featured a variety of sessions across two days, each led by industry experts.
Global Travel Update - BABC Philadelphia
22 September 2021

BABC Philadelphia recently hosted a panel discussion on the transatlantic travel corridor, including current regulations and expectations for the coming months as both the UK and US economies navigate COVID-19 recovery. The panel featured Chellie Cameron, CEO, Philadelphia International Airport and John Holland-Kay, CEO London Heathrow, as well as a panel of experts from the travel, airline, and legal sectors. Held shortly after the announcement by the US to once again allow travel from the UK and EU, the discussion was a timely and important contribution to transatlantic policy discussions.
BACC Ohio: Current State of Trade
29 October 2021

BACC will host an online discussion on the current state of trade between the US, UK, and China in a post-Brexit environment and amidst tensions in the South China Sea. What has changed? Where is trade going? What hurdles do you need to understand now and from the historical context? Join speakers Kimberly Kirkendall and Russell Brown OBE this Friday to discuss these timely issues.

More information here.
Scottish North American Business Council Webinar
18 November 2021

The Scottish North American Business Council will be hosting a webinar with US trade experts for a virtual 'whistle-stop' tour of Scotland's top export destination and will provide practical tips and guidance to help Scottish business in a range of sectors unlock opportunities in the US. The event will focus on all aspects of trading with the USA including: how to identify routes to market, financing your trade and getting paid, legal aspects of trading in the USA, protecting your intellectual property and cultural differences to consider prior to expanding into the US. A full agenda will be published shortly.

For more information or to sign up for the event see here.
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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