UK-Italy trade deal
Anne-Marie Trevelyan, the new international trade minister, revealed the beginning of a new export and investment partnership with Italy to boost trade. The announcement was made during her first trip to Italy for G20 alongside Di Maio, Italian Minister of Foreign Affairs and International Cooperation.
This trade deal will boost exports for companies such as defence and security, digital and tech. Furthermore, it will also promote inward investment, affecting low-carbon industries and the food and drink industry.
Trevelyan explains that this relationship with Italy will result in a boost in export opportunities as well as investment promotion for UK businesses.
Additionally, the two countries are also working to deliver a successful COP26 Summit.
Annual ministerial talks and innovative commercial partnerships and stronger ties between the UK and Italian CEOs are also an objective from the partnership.
Electric trains are too expensive for cargo use
The new energy crisis has caused rail freight operators to switch back to slower, more polluting diesel trains.
The surge in wholesale energy prices and increase in track access charges have made the low-carbon trains uneconomical. Electricity costs increased by 3 times which meant that some operators were forced to use diesel as they could not afford it.
Even if trains had to use diesel, they are still more environmentally friendly than lorries as they produce only ¾ of the emissions compared to lorries.
Additionally, bookings for air freight services soared in October as companies look to circumvent port congestion.
The Director of Air Charter Service states that the number of pre-booked flights at the beginning of the month for cargo is out of the ordinary as they are about double the amount of last year.
Labour shortage now affects logistics sector
The HGV driver shortage has now extended to warehouse staff and van drivers. 13% of traders declared severe shortages of warehouse staff and a total of 24.5% had the same issue with van drivers.
To put it more into perspective, the number of online job adverts is double the amount of last year.
Furthermore, the policy director at Logistics UK says that there is an additional concern that if the HGV driver roles are not filled there will be supply chain disruption.
The response from EU drivers have been slow, this being said drivers from other countries like India, South Africa, Nigeria and UAE has been much greater.
Unfortunately, these drivers a less likely to have the required qualifications to work in the UK and it will take them a long time to meet the requirements.
1 January 2022, no more delays to start EU-to-GB declarations
At the Multimodal exhibition in Birmingham this year, attendees were warned that there are no more future planned delays on the implementation of BOM (Border Operating Model).
The delegates were advised that that starting from the 1st of January 2022, customs declarations will be due. UK customs authorities will require completed full customs declarations and checks for import shipments from the EU into GB.
New Zealand trade deal
A free trade deal between Britain and New Zealand was signed as a way to boost exports for the two countries. The trade deal will not only simplify trade, end tariffs, and create new opportunities for the tech and service industry but it will also simplify UK professionals to live and work in New Zealand.
This deal will hopefully strengthen ties with the Indo-Pacific region, expanding trades with Asia. Trevelyan, international trade secretary, explains that the plan is to refocus Britain on Asia-Pacific dynamic economies and build new trade routes.
Tariffs on UK goods (clothing, ships, bulldozers) and New Zealand goods (wine, honey, kiwi) will be removed.