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Chamber Network welcomes launch of UKMexico trade negotiations Trade Ministers from the UK and Mexico have launched negotiations on an improved trade agreement between the two countries. Current trade terms are based on a continuity agreement put in place when the UK left the EU. Reacting to news of the launch William Bain, Head of Trade Policy at the British Chambers of Commerce, said: “Mexico is a key market for exporting firms, particularly in Northern Ireland and the North-East of England, from business services to food and drink. “We want to see an ambitious new agreement that focuses on the growing market in green trade, as well as future proofing access for further expansion in services. “Other key factors will be effective labour mobility and business travel schemes, and reduced costs for exporters through strong digital trade provisions. “We also want to see arrangements on rules of origin which provide manufacturers with similar flexibilities on supply chains to those currently in place, as well as the benefits of further tariff reductions. “A modern agreement has the potential to boost opportunities in Mexico for UK exporters in a growing and exciting market the 15th largest economy in the world in 2020.”
How to mitigate currency risk Currency market volatility and supply chain interruptions caught out hundreds of companies during the early weeks of the COVID-19 outbreak, highlighting the importance of managing foreign exchange risks. On 20 March 2020, sterling fell to its lowest level against the US dollar for 35 years, with the GBP/USD exchange rate moving from 1.3157 to 1.1494 in the space of a few days. If they haven’t already done so, company directors with significant overseas transactions should move quickly to help mitigate against further volatility. Those seeking greater visibility of their future costs may opt to use a forward contract like the ones offered by WorldFirst. Forward contracts allow you to secure an exchange rate for a defined period in the future, helping with cash-flow planning and potentially mitigating currency risk. By embracing this approach, company directors can budget for future revenues and book transactions ahead of time while funding them at a later date. The World Trade Organization suggests the pandemic may result in increased levels of international trade longer term, which means the use of currency risk management solutions could become a popular and prudent choice for businesses. Read more about the importance of managing currency risk on the WorldFirst website. For more information please contact regional.sales@worldfirst.com
UKRAINE SUPPORT
RECENT UPDATES
The British Chambers of Commerce Ukraine Hub contains updated information and guidance for businesses about the situation in Ukraine. This will continue to be updated as and when new guidance is received. Visit the Hub at www.britishchambers.org.uk/page/ ukraine-support
New packaging and electrical and electronic equipment (EEE) obligations for sellers on German online marketplaces From 1 July 2022 online marketplaces and fulfilment service providers operating in Germany will be subject to new extended producer responsibility obligations for packaging that they place on the market, with similar regulations for electrical and electronic equipment (EEE) coming into force on 1 January 2023.
such as storing, packaging or dispatching goods, if the sellers of these products have not complied with their legal obligations. Sellers need to be registered with the German Central Packaging Register LUCID and license their packaging with a German compliance scheme. These regulations apply to both product and shipping packaging.
Due to recent German packaging law changes, operators of online marketplaces will no longer be allowed to offer packaged products, and fulfilment service providers must not carry out any activities,
For help and support on anything International Trade related give the Chamber a call on 01223 237414 or email internationaltrade@cambscci.co.uk
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