This is a packed week for trade, as major political events take place in capitals around the world.
Parliaments in both Brussels and Westminster return, with a tight re-election for a major European figure on the line, and the Chinese government is expected to set out their economic agenda later this week.
Parliament returns
This week sees the return of the House of Commons and the first King’s Speech under new prime minister Sir Keir Starmer. King Charles III is set to unveil the new government’s priorities on Wednesday (17 July), which is expected to include planning reform, support for Ukraine and the creation of GB Energy.
This is the first time for 14 years that a Labour PM has the chance to unveil their plans for government. Starmer and members of his cabinet have promised a “national renewal” over their term in office, and over 35 bills are said to be in contention for a spot in the speech.
We’ll also see the traditional trappings of the opening of parliament as MPs prepare to take their seats in Westminster.
(Another) parliament returns
The day before Westminster reopens, European parliamentarians are also returning to the chamber for the first session since the European elections (Tuesday 16 July). Despite the centre ground largely holding, the chamber will now have to handle the emergence of three hard-right parties.
President of the European Commission (EC) Ursula von der Leyen faces a key test on Thursday (18 July). Having been nominated to return as EC president by ministers, she needs approval from the EU parliament, along with Portuguese former PM António Costa and Estonian PM Kaja Kallas, who have been named to lead the European council and EU foreign affairs brief respectively.
The shift in make-up of the European Parliament has meant that von der Leyen is not guaranteed a second term as president. She is reported to have been lobbying heavily behind the scenes, and the vote is expected to be close.
Diplomacy and trade
Starmer is also expected to make the headlines on Thursday at a meeting of the European Political Community. The meeting will feature international leaders from inside and outside the EU and is an early stage for Starmer and foreign secretary David Lammy to set out Labour’s foreign policy agenda.
The G7 trade ministers are meeting Tuesday (16 July) in Italy. According to a press release from the Italian foreign affairs ministry, the meeting will address four priority issues chosen by Italy, including reform of the WTO, environmental sustainability and improving economic resilience.
China also holds its Third Plenum, running Monday to Thursday. The Communist party holds seven plenums every five years. This meeting is expected to include details of what the Chinese government is doing to help its flagging economy, including efforts to boost lagging consumer confidence and shore up a weakened property sector, both of which are having knock-on effects on global trade.
Other dates for the diary
Monday – Result of GMB workers unionisation vote at Amazon Coventry warehouse announced
Tuesday – Amazon Prime day
Wednesday – UK inflation figures released
Thursday – European Central Bank decision on interest rates expected
Friday – BBC Proms open
Saturday – World Chess Day
Saturday – Belgium National Day
