The European Union said it was looking into suspending ‘Most Favoured Nation’ (MFN) treatment for Russia at the World Trade Organisation over the country’s invasion of Ukraine. This would allow the EU to hike tariffs or set quotas on Russian imports. The ‘Most Favoured Nation’ principle means that WTO members cannot discriminate between their trading […]
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04
Mar
Mar
How UK manufacturers could be impacted by trade fallout from Russian invasion
British manufacturers are being warned to brace themselves for rising costs as a result of the fallout from Russia’s invasion of Ukraine. Prices for a range of commodities – including oil, gas, cereals and important metals – are predicted to soar, resulting in higher input costs for businesses. With trade routes around Russia also uprooted […]
26
Feb
Feb
UK signs digital trade deal with Singapore ‘for quicker, more trusted access to lucrative market’
Trade minister Anne-Marie Trevelyan has signed a digital trade deal with Singapore on the final day of her Asia-Pacific tour. The UK-Singapore Digital Economy Agreement (DEA) is the first by a European nation. According to the government, the deal will strengthen the UK’s £16bn trading relationship with Singapore by ending outdated rules for goods and services exporters, […]
17
Feb
Feb
Cross-border Irish trade jumped by £2.8bn in 2021 as British exports to the Republic dropped
Cross-border trade between the Republic of Ireland (ROI) and Northern Ireland (NI) jumped by €2.8bn in 2021, according to full year figures from Ireland’s Central Statistics Office. Imports to ROI from NI were up 65% to €3.9bn, with trade in the other direction up 54% to €3.7bn. ROI-GB imbalance There was a drop of just over […]
16
Feb
Feb
New shipping group pushes for global adoption of digital bills of lading to replace print documents
A new group is being formed to promote the use of electronic bills of lading (eBLs) in place of traditional print documents, by developing and sharing an open-source global eBL standard. Bills of lading are legally-binding documents for moving freight, and as such are critical for financing, proof of ownership and customs clearance of goods […]