It comes after the UK and Singapore signed the Digital Economy Agreement – described as the “world’s most comprehensive” digital trade deal.

Here’s what you need to know.

New agreement to take partnership to “next level”

According to the latest statistics, UK-Singapore trade was worth an estimated £16 billion in 2020, with a third of all exports – such as finance, advertising, and engineering – already digitally delivered.

But the new agreement will take the partnership “to the next level” by overhauling outdated trade rules that affect both goods and services exporters.

“Time-consuming” and “costly” paperwork, for example, will be replaced with e-signatures, e-contracts, and electronic invoicing, streamlining existing “cumbersome” border processes.

The new rules will also make it easier for UK businesses – particularly those in the professional services, financial, and telecoms industries – to target new opportunities in both Singapore and other lucrative Asian markets, boosting exports by billions of pounds every year.

First digital trade deal “ever signed by a European nation”

Commenting on the agreement, International Trade Secretary Anne-Marie Trevelyan said: “This cutting-edge agreement with Singapore links two of the world’s most dynamic hi-tech hubs and plays to our strengths as pioneers in digital trade. Negotiated in just six months, it is the first digital trade deal ever signed by a European nation and will slash red tape, cut costs and support well-paid jobs across the whole UK.

“Digital trade is creating a new global economy, but it is still largely governed by old-fashioned rules that pre-date the digital revolution of the past 20 years. We’re using our independent trade policy to strike ground-breaking agreements that update these rules for the digital age and connect UK businesses to the biggest and fastest growing markets in the world.”

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The report comes ahead of the inaugural International Trade Week on 15 to 19 November 2021.

According to the Department for International Trade (DIT), the landmark event will feature prominent business experts from the Government and leading organisations, such as the Federation of Small Businesses (FSB), the Institute of Export and International Trade, and the Confederation of British Industry (CBI).

Each session will provide businesses of all sizes with advice on topics ranging from doing business in the USA, Singapore and the Middle East to an introduction on UK Export Finance, digital trade and free trade agreements.

According to the latest statistics, just one in 10 British businesses currently export. But those that do are “more productive” and pay their staff more, the DIT said.

Commenting on the event, Minister for Exports, Mike Freer, said: “I’m delighted to announce DIT’s first International Trade Week. Exporting is crucial to the government’s plans to level up and build back better, and this week of events is a great opportunity for businesses to get involved, share advice and learn from the experts.”

Andy Burwell, CBI International Director, added: “There has never been a more important time to talk trade, for businesses to embrace it and for all to realise the prizes exporting brings – increased revenue, jobs, innovation and productivity. The International Trade Week must be a launchpad to get our nation exporting.”

Click here to access the full day-by-day schedule.

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The provisions, known as permitted development rights (PDRs), make it easier for cafes, bars, and restaurants to host guests outside.

The measures were launched in response to the coronavirus pandemic to help keep customers and staff safe.

But a new consultation, launched by the Ministry of Housing, Communities & Local Government this month, seeks to enshrine these temporary provisions into law.

According to the document, the Government is “aiming to make a number of these [provisions] permanent” so that people can “continue to enjoy outdoor hospitality and local attractions, and businesses can innovate, as we build back better from the pandemic”.

These provisions include:

• Right for markets to be held by or on behalf of local councils: a temporary PDR which allowed markets to be held by, or on behalf of local councils for an unlimited number of days, including the provision of moveable structures related to this use.
• Right for moveable structures in the grounds of pubs, cafes, restaurants and historic visitor attractions: moveable structures such as marquees and additional seating were allowed for the first time in the grounds of listed buildings, helping businesses increase capacity.

Commenting on the reforms, Secretary of State for Housing Robert Jenrick said: “The simple reforms we made during the pandemic to help hospitality businesses, markets and historic visitor attractions make use of outdoor spaces more easily, made a massive impact. They helped thousands of businesses and attractions to prosper, made out town centres livelier and have been enjoyed by millions of us.

“As part of our vision to transform high streets into thriving places to work, visit and live, we intend to make as many of these measures permanent fixtures of British life as possible.”

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The Department for International Trade (DIT) said the changes will boost the British farming industry by around £50 million over the next five years.

According to the report, British farmers and food producers will be able to export British pork to Mexico for the first time.

It comes after the Mexican National Department for Health, Safety and Agricultural and Food Quality (SENASICA) approved British pork products for consumption in Mexican markets.

According to the latest statistics, the British pork export market is worth around £421 million annually, reaching 75 export markets worldwide.

The British pork market is not the only industry to benefit from trading independence. Earlier this year, it was announced that British beef farmers could now export products to the USA, while UK poultry, beef and lamb could be exported to Japan.

Welcoming the news, UK Deputy Chief Veterinary Officer, Dr Richard Irvine, said: “The UK is proud of our high standards of food safety and the quality of food we are able to produce.

“Gaining access for the export of British pork to Mexico represents yet another success for British Industry and continues to enhance our global reputation for excellence.”

Defra Secretary of State George Eustice added: “Access to the Mexican market, with its substantial demand for high-quality pork, will be a welcome boost for our pig farmers and producers.

“This is a significant development, which will reinforce our global reputation for quality food and drink.”

The Government says the deal will also support the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the largest free-trade areas in the world.

Access to the £9 trillion market would cut tariffs for many UK industries, including tech, food and drink, and automotive, making products and services cheaper to import and export.

The UK formally applied to join the partnership in February this year.

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The report comes after the latest round of trade talks ended in July, paving the way towards the ratification of the agreement.

According to the Department for International Trade (DIT), the deal could save British businesses and consumers significant amounts of money by slashing tariffs on a range of commonly traded goods.

This includes British chocolate, gin, cars, and clothes, as well as New Zealand products, such as wine, food and drink, which currently attract tariffs of up to 10 per cent.

Experts say the deal could also support the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), one of the largest free-trade areas in the world.

Access to the £9 trillion market would cut tariffs for many UK industries, including tech, food and drink, and automotive, making products and services cheaper to import and export.

The UK formally applied to join the partnership in February this year.

Commenting on the New Zealand agreement, Secretary of State for International Trade Liz Truss said: “We are working round the clock to get this deal done in the coming weeks. We are both big fans of each other’s high-quality products, so this could be a huge boost that allows British shoppers to enjoy lower prices and British exports to be even more competitive.”

Welcoming the deal, Dominic Goudie, Head of International Trade, the Food & Drink Federation, added: “We hope to see the UK conclude an ambitious trade deal with New Zealand which removes tariffs facing UK exports of quality manufactured food and drink.”

UK-New Zealand trade was valued at around £2.3 billion in 2020. This included more than £30 million of British fashion exports and over £133 million of British car exports.

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The UK economy grew by 4.8 per cent. However, this figure misses the Bank of England (BoE) forecast by 0.2 per cent, which expected a five per cent rise during the reopening of businesses.

Instead, the ONS discovered that Gross Domestic Product (GDP) was uneven during Q2.

Thanks to Euro 2020, however, accommodation, food and retail services rapidly increased – providing the UK with a better chance at economic recovery.

This proves that the growth in the economy is due to sectors opening up that offer social experiences that were prohibited or limited during social distancing.

Education-based manufacturing bounced back during Q2 as the schools reopened too.

One industry that did not share the same recovery success was vehicle production, which fell by 16.7 per cent. The ONS states this is due to “a global semiconductor shortage”.

In June, the ONS states that the growth expanded by one per cent and revised the figure from 0.8 to 0.6 per cent in May.

The monthly growth was forecast at one per cent at the end of the second quarter, which is more than most experts predicted.

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• 30 September 2022: import declarations close on CHIEF
• 31 March 2023: export declarations close on CHIEF / National Exports System (NES)

The CDS – which launched in 2018 and has already been used to process more than one million declarations – is currently used for Northern Ireland and Rest of World declarations.
The Government said the single unified system is “more secure and stable” and will deliver savings for the taxpayer.
What do traders need to do?
Ahead of the switchover, the Government said it will work with businesses to ensure the transition is “as smooth as possible”.
“CDS is a key part of the government’s plans for a world-leading fully digitised border that will help UK businesses to trade and to prosper,” said Sophie Dean and Katherine Green, Directors General for Borders and Trade at HMRC.
“This announcement will provide clarity for traders and the border industry. We are committed to making the switch-over as smooth as possible and are working to ensure traders are fully supported with the new processes.”
Businesses should use this time to familiarise themselves with the CDS. More information on the service can be found here.
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• authorised by the EU (or provided for in trade agreements that are concluded by the EU)
• produced in accordance with winemaking practices recommended and published by the International Organisation of Vine and Wine.

Commenting on the changes, Food and Drink Minister Victoria Prentis said: “Cutting this needless red tape will place our businesses in a stronger position internationally, as they continue to grow, while consumers can raise a glass to great wine from around the world.
“Great Britain is already a global hub in the international wine trade, supporting many jobs across the country. Ending the requirement for import certificates will strengthen this position and is a clear benefit of now having the freedom to determine our own rules.”
International Trade Minister Ranil Jayawardena added: “It’s fantastic that the British people will no longer have to pay for unnecessary bureaucracy when they buy a bottle of wine.
“Trade is key for economic growth and levelling up the country. Through our trade deals, we are making it easier for British consumers to access top-quality products from around the world – including wine – and we are bringing down foreign trade barriers to open up even more opportunities for British businesses to succeed overseas.”
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