Global

We’re your gateway to international trade, providing a unique combination of expert knowledge, essential documentation and the business connections needed to capitalise on new market opportunities overseas and succeed in a global marketplace.

Documentation processing over the Christmas Break

The Chamber will close at 1.00pm on Friday 23 December and re-open at 9.00am on Tuesday 3 January. We will process online documents on Friday 30 December from 10.00am-1.00pm. Please ensure you upload all supporting paperwork to enable us to process these applications or email internationaltrade@cambscci.co.uk The last date for submitting consular documentation is 11.00am on Friday 16 December. Documents submitted after this time will not be processed until Tuesday 3 January.

Roll back 12 months, the Pound is at 1.35 and 1.19 against the US Dollar and Euro respectively. Even with the known headwinds, a year ago few forecasters would have predicted Sterling flirting with parity against the US Dollar and Euro. Whilst Sterling may only end the year trading five per cent lower against the Euro (compared to January), it has deviated over 13 per cent in that time. Versus the US Dollar, Sterling has deviated over 25 per cent. This extreme volatility adds another challenge for businesses. Seeking support to interpret currency markets and have a foreign exchange strategy, is now vital for large and small businesses alike. With the Markets more accepting of the UK’s third Prime Minister of 2022, Rishi Sunak, and it’s forth Chancellor Jeremy Hunt, Sterling should go into 2023 with less of a hangover from the short-lived debacle of their predecessors, Liz Truss and Kwasi Kwarteng. By publication, we will have digested Jeremy Hunt’s budget, and as I write it looks like a broad base of tax rises, scrapping of key projects, combined with spending cuts are on the cards. Fiscal drag tax rises will hit middle earners upwards, lowering of 45p tax band and reducing tax breaks on pension contribution are set to impact those on higher incomes. Sunak and Hunt and are walking a tight rope, overcompensating for Trussonomics risks making the recession deeper. Cameron and Osbourne doubled down on austerity, lowering growth for the next decade, with the legacy to UK finances and public services still being felt today. Brexit and Trussonomics, two massive self-inflicted recalibrations for Sterling, now temper the expected upside. Should UK policy makers (Government and Bank of England) not score any own goals, the 2023 barometer for the Pound will be resilience to high inflation, energy prices, power supply and elevated interest rates. Recession is now a given, if shallower that expected and Sterling remains even, a deeper downturn and outperformed by Europe, Sterling again will test the lows of 2022. The US Dollar surge of 2022 weighs heavy on inflation in the UK, Europe and beyond. Coordinated intervention by Central Banks may be out of favour however a nudge through policy, slowing down interest rate rises should be expected. For Sterling the immediate market consensus is to track back up to 1.24 against the US Dollar by January 24 and to remain flat against the Euro. As ever the range of opinions from forecasters is wide, US Dollar 1.38 to 1.10 and Eur 1.46 to 0.92. With certainty volatility will remain, Sterling will swing in favour when risk sentiment is high. Good UK data provides some upside potential; however Sterling is not on its own a driver and sentiment towards the Euro area and America provides the direction. Feel free to reach out with your thoughts on where Sterling will be through 2023, we’d love to hear from you. Exporters have been benefiting from the depreciating pound, however alongside importers reviewing the costs being incurred and the strategy of managing currency exposure becomes even more important. As such, specialist support as provided by companies like Ascendant, can fill a gap not provided by larger financial institutions. For more information on how Ascendant can benchmark your current supplier and to hear about how we are reducing the cost of foreign exchange for local businesses, contact karen.benson@ascendant.world

Diagnostic and Supply Chain Health Check

Ensure you are compliant and customs audit prepared.

We continue to offer new ways to support companies trading internationally and one of these is through a diagnostic and supply chain health check designed around the current UK Customs audit checks. The health check will go through key stages of the following: • Import procedures • Export procedures • Customs procedures • Supply chain

• Customs valuation • Incoterms • Commodity codes • Origin • Freights • Returns • Samples • C88/SAD form We will also go through your procedures and SOPS. Following the health check you will be provided with a full report with diagnostics and support. Cost: £1,500.00 (plus VAT). To book your Diagnostic and Supply Chain Health Check please email internationaltrade@cambscci.co.uk or telephone 01223 237414. If you require specific advice you can access our consultancy service which is available per hour, half day or full day.

How will Pound Sterling perform in 2023

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GLOBAL REACH

Different traditions from countries and cultures around the world

Top Tips from Iwona Lebiedowicz, founder of PAB Languages Centre

December is that special time of year when a wide range of celebrations takes place, both religious and secular. For many, that means Christmas, Kwanzaa, and Hanukkah celebrations. Some people celebrate December holidays as part of their religion, while others celebrate culturally. Understanding other holidays helps us to learn the foundations of society, embrace cultural history, and build values. Let’s take a look at different traditions from countries and cultures around the world! In Italy, for example, Christmas celebrations officially kick off on 8 December, with a celebratory day called the ‘Feast Of Immaculate Conception’ (known locally as ‘L’Immacolata’). This day is a public holiday in Italy and is widely believed to be the day that Mary, the mother of Jesus, was graced by God to lead a life free of sin. In Poland, The day of Saint Nicholas on 6 December is the unofficial beginning of the festive season in Poland. The 24 December is known as Wigilia (derives from the Latin word ‘vigil’) in Poland, when families gather together at the table for a Christmas Eve supper. Traditionally, before gathering at the table to eat, people will wait until the first star appears in the sky. This symbolizes the star that showed the three kings the way to the barn in Bethlehem. If you are lucky enough to visit Poland for Christmas you had better have a big appetite – a traditional Christmas Eve dinner will consist of around 12 dishes! On 6 December Romanians celebrate Saint Nicholas (or “Sfantul Nicolae” in Romanian) a very popular character among children as they will receive small gifts on this day. Saint Nicholas is also the spiritual patron of Greece, Russia and of many other cities in Eastern Europe. According to the Romanian tradition, St. Nicholas comes with gifts on the night of 5 December. He places the gifts in everyone’s polished boots, except for those who have been naughty – they receive a whip or a stick instead, as punishment – so behave!

Hanukkah Celebrated in December

The menorah, dreidel, and gelt are symbols of Hanukkah. Hanukkah, also known as the ‘Festival of Lights,’ is a celebration of a great victory, as it commemorates the triumph of Jewish people over religious persecution. Hanukkah means “dedication” in Hebrew. The eight-day holiday celebrates the rededication of the Temple of Jerusalem.

Kwanzaa Celebrated in December

The name Kwanzaa comes from the Swahili phrase ‘Matunda ya Kwanza’ or ‘first fruit’. Since its creation by Dr Maulana Karenga in 1966, Kwanzaa has been celebrated by people of African heritage around the world. Its seven principals, or Nguzo Saba, are meant to encourage unity, cooperation, and to preserve African culture and heritage throughout the world.

Chinese New Year Celebrated at the end of January

In Chinese culture, the New Year is an important time, rooted in tradition and customs passed down through the ages. It is 15 magical days of reflection on the passing year and celebration of the future with family and friends. The main Chinese New Year activities include 1) putting up decorations, 2) offering sacrifices to ancestors, 3) eating reunion dinner with family on New Year’s Eve, 4) giving red envelopes and other gifts, 5) firecrackers and fireworks, and 6) watching lion and dragon dances. The dates for many holidays do not fall on the same day in the Western (Gregorian) calendar each year. Holidays are also sometimes subject to change. Governments frequently add, delete, or move certain official holidays. Our PAB Celebration card includes a mixture of religious festivals as well as national and equality, diversity and inclusion-related events. While the impact of these festivals will vary from person to person, and they will not necessarily impact all clients, staff, residents, or students we hope you will find this list of international holidays useful. To download the Celebration card, subscribe to our newsletter https:// www.pabtranslation.co.uk/ and you will receive our PAB Celebration Card.

We’re your gateway to international trade, providing a unique combination of expert knowledge, essential documentation and the business connections needed to capitalise on new market opportunities overseas and succeed in a global marketplace.

Heralding a new era for foreign investment in Oman

It’s been a long time coming, but Arwa Al Balushi is now the first ever commercial and investment attaché at the Embassy of the Sultanate of Oman in London at the rank of Minister Plenipotentiary, in charge of boosting the ongoing bilateral economic relations between Oman and the United Kingdom. She says that her mission is to be achieved through three main channels: promoting Oman as a competitive, complementary and futuristic global business hub, concentrating on attracting Foreign Direct Investments attached to socioeconomic principles; opening new channels of investment opportunities in the British market for Omani institutions through the Oman Investment Authority (OIA) alongside the Oman’s private business community; and enhancing Omani non-oil exports to UK markets. She emphasizes that Oman enjoys a world-class infrastructure, one of the most skilled and well-educated work forces and is equipped for the challenges of the Digital Economy which is why it is globally recognized as a competitive, diversified and resilient economy that empowers a thriving business community. Located at the heart of GCC markets with millions of final consumers targeted within this single market, at a nexus of east-west trade routes close to the booming consumer markets of Asia and Africa, makes it a natural strategic location for companies to establish and expand their worldwide footprint. The Sultanate aims on its ambitious journey for diversifying its national economics pillars by concentrating on five main sectors which primarily are tourism, logistics, manufacturing, fisheries and mining, alongside other enabler sectors such as education, healthcare, ITC and circular economy, where it aims to target foreign direct investment’s contribution by 10 per cent out of the national GDP. Its ambitious economy is guided by “The Oman Vision 2040” a 20-year nationwide multi-sector plan representing a guide and key reference for planning activities and a blueprint for sustainable growth and success. The setting goal is to build a productive and diversified economy, founded on innovation, integration of roles, and equal opportunities; leverage Oman’s competitive advantages, driven by the private sector towards integration into the world economy and provide active contribution to international trade; and achieve inclusive and sustainable development, based on effective economic leadership that operates within an institutional framework of coherent and contemporary economic policies and legislation, to ensure financial sustainability by diversifying public revenues. From start-ups and SMEs to multinational companies, the “Oman Ministry of Commerce and Industry and Investment Promotion” provides a wide range of support services and expert assistance. Whether you’re looking to start in Oman, look for a strategic local partner, increase your company’s exports or develop your project in any way - the Ministry’s investment team can help to ensure you get maximum value from being part of a growing and ambitious economy. In 2020 the “Oman Investment Authority (OIA)” was established as an independent legal and financial entity mandated to manage, develop, and invest funds and assets to generate maximum returns as well as enhance the national investment environment and attract direct foreign investments to the Sultanate. In addition, “Oman Ministry of Foreign” appointed trade attaches and established trade offices at most of its diplomatic missions abroad to help guide businesses and provide advice and assistance. With its Free Zones, Special Economic Zones, Industrial Zones and Scientific Innovation Zones, Oman provides various incentives to investors including zero per cent personal income tax, zero per cent import or re-export duties, 100 per cent foreign ownership and exemption from corporate income taxes that could reach up to 25 years and other incentives that could be provided for strategic projects. All new investments are entitled to a one stop shop policy for all paperwork and transactions. All sectors benefit from the Sultanates membership of economic agreements: GCC countries, Gulf Customs Union, Greater Arab Free Trade Area and Free Trade Agreement with the USA. There are no restrictions on exports to and from GCC countries, Arab Free Trade Area and the United States. Arwa Al Balushi said: “I am happy with this great assignment in an important step taken by the wise government of His Majesty Sultan Haitham bin Tariq in expanding the commercial and investment aspect between our two countries that have good longstanding relations, especially that the United Kingdom is considered one of the most important partners for the Omani economy and investment.” She pointed out that the state’s policy in appointing commercial and investment attachés is a good initiative in strengthening the Omani economy and investment, finding foreign capital and opening and expanding the Sultanate of Oman relations in this aspect externally and coordinating strategies between the two countries and diversifying sources of income. It should be noted that the work tasks in the commercial annex in general incorporates a number of tasks, including coordination between the two countries, conducting the necessary research and studies on markets and consumption volume in other countries, following up on changes that occur in export and import regulations and trade restrictions, and working on translating regulations and laws and any amendments that occur in major industrial countries, providing data, information, activities and ensuring the implementation of economic and commercial agreements and other tasks assigned to the commercial and investment attaché.