Following the historic Aung San Suu Kyi visit to the UK and Europe, the suspension of sanctions by the EU and the easing of sanctions by the US it is clear that Burma/Myanmar is re-entering the international business community.
High-profile investor Jim Rogers recently said that Myanmar/Burma was “probably the best investment opportunity in the world right now”, comparing it to China when it opened up in 1978.
A blue chip British delegation on a recent trip included Anglo American, BP, British Gas, Ernst & Young, Rolls Royce and Shell. One key conclusion was of an urgent need for massive investment in all aspects of infrastructure. British Industry shouldn’t miss this opportunity.
To meet this need, City & Financial, with the support of UK Trade & Investment (UKTI) and the UK-ASEAN Business Council, is organising The New Burma Investment and Trade Summit in Central London on 27th September 2012. The Myanmar-Britain Business Association is also supporting the event.
The Summit has been tailored to provide delegates with practical information about doing business in Burma/Myanmar. It will also offer a platform for networking with other UK companies that are likely to be at the forefront in tendering for major contracts.
More detailed information can be found here. To obtain 10% discount on the cost of this event, please mention that you heard about it from Norfolk Chamber of Commerce.
Join the Norfolk Chamber at the Festival of Social Enterprise and see how to grow your Charity or Social enterprise.
Of the many emerging sectors in UK business, Social Enterprise is one sector that is growing not just in Norfolk but also right across the UK. We know that government funding and contracts have been cut and Non -profit organisations and Charities now have to look at generating their income by diversification and earn income through mutually beneficial relationships with businesses from all sectors.
Overcoming issues they face and learning new ways to be innovative is just a hint of what on offer at this great event.
Hear from Top Social Enterprise organisations In The Curve such as Nigel Kershaw OBE (Big Issue Invest), Michael Norton (Buzzbnk) Cliff Prior (Unltd) and David Floyd (Social Spider CIC).
Learn new ideas and skills in The Cube with workshops by Sara Burgess, (CIC Regulator, Companies House), James Kearns (Build), Lyndon Green, (LGL)and Clayton Anderson, SOS Training and Evaluation & Ken Shelton, The Robert Ashton Organisation
We will be exhibiting along with lots of other great exhibitors in the Atrium featuring
At the beginning of May, the EU and USA formally agreed to recognise each other’s certified trusted traders, which should make life easier and cheaper for many transatlantic traders.
Introduction The agreement will result in lower costs, simplified procedures and greater predictability in transatlantic activities. Companies recognised as safe traders will benefit from faster controls and reduced administration for customs clearance. Mutual recognition will also improve security on imports and exports by enabling customs authorities to focus attention on real risk areas. It was agreed to implement the mutual recognition decision from 1 July 2012.
Imports and exports between the EU and USA accounted for almost €500 billion in 2011. This agreement should further boost trade opportunities and contribute to the smooth flow of goods between the two sides without compromising security. The mutual recognition of trade partnership programmes also has the benefit of preventing the proliferation of incompatible standards and promoting harmonisation of customs practices and procedures worldwide.
Authorised Economic Operators At present, there are about 5000 companies approved as Authorised Economic Operators (AEOs) in the EU. European companies have been able to apply for AEO status since 2008. It can be granted to any economic operator established in the EU that meets the following common criteria stipulated in customs law:
an appropriate record of compliance with customs requirements
a satisfactory system of managing commercial and transport records that allow appropriate customs controls
proven financial solvency
appropriate security and safety standards
AEO status allows companies to benefit both from simplifications provided for by the customs rules and/or facilitation with regard to customs controls related to security and safety, according to the type of certification they obtain. Under the security framework that has been applicable since July 2009, economic operators have to submit pre-arrival and pre-departure information on goods entering or leaving the EU. The security type of AEO certificate and the combined certificate allow their holders to benefit from facilitations with regard to the customs controls relating to security.
The AEO status therefore identifies safe and reliable businesses engaged in international trade with high standards of security and compliance. These companies are then highly trusted trade partners at customs checks. Fewer inspections on goods are necessary and formal customs procedures are quicker to fill in, so goods can move faster from one place to another, which helps to lower transport costs. More effective container inspection can lead to important cost savings for companies, in particular SMEs. There is also a benefit to EU customs administrations, which can concentrate their efforts on checking high-risk transactions.
Under the new agreement, the EU and USA will recognise each other’s security certified operators so that authorised economic operators in the EU will receive benefits when exporting to the US market and the EU will reciprocate for certified members of the US Customs-Trade Partnership Against Terrorism (C-TPAT). Mutual recognition of trade partnerships helps to improve protection against terrorist attacks.
Mutual recognition The EU wants its major trade partners across the world to recognise the AEO status to facilitate and protect international trade even more in the future. Switzerland, Norway and Japan already mutually recognise the EU’s certification and a similar agreement is being explored with China.
The Transatlantic Economic Council is the central political platform for EU-US co-operation on a wide range of high-profile regulatory and strategic issues, with the objective of furthering trade and investment and ultimately growth and jobs. It offered important political support to achieve the EU-US mutual recognition.
UK trade deficit in goods and services was £4.3bn in June, compared with a deficit of £2.7bn in May
Commenting on the trade figures for June, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“It is disappointing to see such a large trade deficit in June. Although the monthly figures would have been affected by public holidays, such as the Diamond Jubilee, it is worrying that the trade deficit in the second quarter as a whole was much higher than in the first. Underlying export volumes fell by 3.3% in the second quarter, while import volumes fell by only 0.5%. There is no question that British exporters are facing major challenges as a result of problems in the eurozone, but the rebalancing of the UK economy towards exports is taking too long.
“British exporters have untapped potential to expand, but they need more government support to help them compete globally and diversify towards growing markets outside the EU. We need firmer action in key areas such as trade finance, promotion and insurance. More infrastructure spending and the early creation of a business bank would make a major contribution towards stronger growth in UK exports.”
A UK State aid scheme that aims to reduce the cost of finance for businesses with turnover of up to €300 million is to be allowed to run for a further six months, the European Commission has confirmed.
Earlier this year it decided that the National Loan Guarantee Scheme was in line with the EU’s crisis State aid rules for banks, because it ensured that the reduced funding costs from which banks will benefit were passed on to SMEs. That authorisation lasted only until 30 June. However, the Commission has now extended that deadline to 31 December 2012.
The UK credit easing scheme was originally limited to small and medium-sized firms with a turnover of up to €60 million, but has since had its scope widened. The Commission agreed that it still met the rules for the banking sector during the economic crisis.
“Facilitating SMEs’ access to finance is a Commission priority to overcome the crisis,” Competition Commissioner Joaquín Almunia said. “The National Loan Guarantee Scheme will reduce borrowing costs for SMEs thanks to a State guarantee, without unduly distorting competition.”
Recent estimates suggest that deepening relationships between the EU and its key trading partners could contribute significantly to Europe’s recovery.
If the EU pursues its ambitious external trade agenda this could boost the EU’s GDP by 2%, or more than €250 billion, MEPs were told recently. This is equivalent to adding an economy the size of Austria or Denmark.
An ambitious agenda could also help create more than two million jobs across the EU.
By 2015, 90% of economic growth will be generated outside Europe, with one-third in China alone. Hence, tapping into the markets of the Union’s key trading partners will play an increasingly significant role for Europe’s growth in the future, the European Parliament was told at a recent meeting.
More than two-thirds of these gains in growth and jobs would materialise through trade agreements with the USA and Japan.
Having seen the free trade agreement (FTA) with South Korea through to its first anniversary recently, the European Commission believes that FTAs are “within reach” this year with Canada and Singapore.
Despite difficulties in moving forward in the multilateral context of the World Trade Organization (WTO), the Commission said, the EU has not stood still in the face of rapid changes in the global economy and is moving ahead to further connect to new global growth centres.
FTAs covered less than a quarter of EU trade before 2006. Concluding on-going negotiations with Canada, Singapore, India and other ASEAN states would bring this figure up to half, and moving forward with the USA and Japan would bring it up to two-thirds.
The EU remains the world’s largest exporter, importer, source and recipient of foreign direct investment (FDI). It has managed to hold on to its 20% share of total world exports despite the rise of China, whereas Japan and the USA have seen significant declines in their shares.
Annual producer output inflation down from 2.0% in June, to 1.7% in July
Annual producer input inflation up from -3.0% in June, to -2.4% in July
Commenting on the producer price figures for July 2012, published today by the ONS, David Kern, Chief Economist at the British Chambers of Commerce (BCC), said:
“The producer price figures are positive overall. Output inflation has decelerated steadily since last September, and the annual rate is at its lowest since 2009. Input inflation has risen in July, but the annual rate is still in negative territory. The figures do highlight some worrying upward pressures on prices, in particular the impact of the US drought on food prices.
“We expect consumer price inflation to continue falling over the next year, which will be good news for the economy. In the face of tough fiscal austerity at home and difficult problems in the eurozone, falling inflation will be key in easing pressures on disposable incomes and underpinning demand in the economy.
“The Monetary Policy Committee should not use additional QE to limit the fall in inflation. In recent years UK inflation has consistently been above the 2% target. A temporary period of inflation lower than this level in 2013 would benefit the economy and should not be resisted. Meanwhile the economic situation remains difficult and businesses as well as consumers are facing major challenges. While the government perseveres with its deficit reduction plan it should act more forecefully to create the right conditions for businesses to grow, through deregulation, and supporting business lending and exports.
The government has announced the results of its energy red tape challenge initiative. The package will see the scrapping of 86 regulations and improvements to 48 regulatory regimes. According to government estimates the package, alongside other measures, will save businesses around £400 million over the next 20 years. Most of the measures contained in the package relate to minor or out of date regulations. An announcement on the future of the CRC Energy Efficiency Scheme, a current regulation that seriously burdens businesses, is due in the autumn.
As part of a drive to cut red tape burdens, Minister of State for Energy, Charles Hendry, has announced the scrapping of 86 regulations and a further 48 improved regulatory regimes, whilst keeping protections as strong as ever. Coupled with other reforms, DECC’s overall reform package is estimated to deliver businesses savings worth around £400 million over the next 20 years.
Minister of State for Energy, Charles Hendry, said:
“Energy is vital to the economy and essential to driving growth. It is also the biggest infrastructure sector in the UK. Our reforms aim to stimulate over £100bn of new investment in the electricity sector and could support around 250,000 total jobs in electricity to 2030.
“It is therefore vital that we have a regulatory regime which promotes fairness and consumer and environmental protection, but does not impose unnecessary costs or barriers to generating the necessary investment, innovation and skills we need to build the low carbon economy.
“The Red Tape Challenge has provided the opportunity to ensure we continue to meet these objectives. We have listened to our stakeholders as they suggested regulations which add cost or complexity without effectively leading to protections, and I am pleased to announce that DECC will scrap or improve 134 regulations.”
Supporting today’s announcement, Terry A’Hearn, Regulation Lead of the Aldersgate Group said:
“We welcome the Government’s work in cutting back excessive and outdated regulation, whilst ensuring that protection of our environment remains as strong as ever.
“Smart regulation corrects market failures, drives innovation and provides the foundation for long-term economic growth, jobs and competitiveness and we congratulate DECC’s recognition of the importance of prioritising these long-term outcomes.”
A new version of the Export Control Organisation’s current Training Bulletin is now available.
The Bulletin includes details of all forthcoming ECO seminars and workshops taking place from September to December 2012 (along with an attached course booking form at the bottom of the bulletin). Courses are scheduled to be held during the next few months in Glasgow, Aberdeen, Nottingham, Oxford and London.
The schedule includes a briefing session on the implementation of the Intra-Community Transfer Directive concerning military goods and a seminar on Ministry of Defence procedures (eg F680 procedures).
These courses are all designed to increase your understanding of UK strategic export controls and what your responsibilities are when exporting controlled items. All courses are delivered by UK government experts working within the UK’s Export Licensing Community.
The Embassy of the Syrian Arab Republic has recently announced changes to the requirements of legalisation of documents with effect from 9th August 2012.
Please see the official notification received from the Arab-British Chamber of Commerce.
Commenting after the release of A-level grades for 2012, Caroline Williams CEO Norfolk Chamber of Commerce said, said:
“We offer our congratulations to Norfolk students who have achieved their goals at A-level.
“Business will welcome the fact that the constant grade inflation seen in previous years has finally been constrained. Companies tell us that they have had a hard time assessing the skills and abilities of job candidates with A-level passes, to the point that only 29% of businesses surveyed in 2011 felt very or fairly confident in hiring a school-leaver with A-level qualifications. An end to grade inflation will improve business confidence in the qualifications achieved by young people.
Business will welcome the fact that the constant grade inflation seen in previous years has finally been constrained
“Yet it’s not all about A-levels and university. With university tuition fees rising and many young people looking for alternatives to higher education, business wants to see more media attention and investment in further education and vocational training.. Norfolk businesses including smaller businesses have a real opportunity to take advantage of the new apprenticeship schemes available to them to ‘train their own’. Norfolk Chamber have recently taken on 2 higher level apprentices and they are very quickly adding real value to the business at the same time as they are gaining valuable work experience.
“From September, schools will have a new duty to secure independent careers advice for students but they do need the business community to work with them to ensure the information is up-to-date and relevant to our long term needs.. Norfolk Chamber members are committed to work closely with the education sector to ensure that vocational options, including apprenticeships, are given as much attention as the option of going to university.”