Week Ahead in International Trade: Electronic Trade Documents Act and key BoE decision

Mon 18 Sept 2023
Posted by: Phillip Adnett
Features

Person looking at news on phone

It’s a big week for trade digitalisation with the Electronic Trade Documents Act due to come into force on Wednesday.

The Bank of England (BoE) is also slated to announce its latest decision on interest rates later in the week, just after the release of key economic data that could well be influential.

Thirdly, the Institute of Export & International Trade (IOE&IT) has two member-only webinars coming up.

Here’s a summary of what we’re keeping an eye on this week...

Parliament: Having only just returned, Parliament is about to go off again, though this time on a work trip, as party conference season is due to kick off soon.

However, there’s still a few things going on:

Monday: We might see how the government is planning to support advanced manufacturers, as there’ll be a House of Lords debate on funding for semiconductor manufacturers in the UK.

Tuesday: Business and trade secretary Kemi Badenoch gives evidence on how her department is working

Wednesday: The Lords debate the European Affairs Committee’s report on ‘The Future UK-EU Relationships’.

Otherwise, it’s on to party conference season!

Electronic Trade Documents Act (ETDA): It’s finally here. On Wednesday (20 September), the trade world welcomes the recognition of electronic versions of key trade documents in English and Welsh law, a move that could save British businesses over a billion over the next decade. Executive editor William Barns-Graham has spent the last few weeks exploring the ins and outs of ETDA and will finish off the series by looking at what happens next in tomorrow’s bulletin.

Bière Starmer: On political matters, Labour Party leader Keir Starmer is having a meeting with French president Emmanuel Macron this week in Paris, at the same time as King Charles is due in the capital. The meeting has been described as both a ‘bromance’ and a ‘major break with diplomacy’.

It’s the economy…: Wednesday will see the release of economic and inflation data. Could we see ever-sticky inflation continue to slow?

After this, the BoE decision on inflation will take place on Thursday (21 September). Economists are predicting a 25-point hike, bringing the current base rate to 5.5% and making this the 15th month in a row that interest rates have been increased.

Lunchtime Learning returns: Rejoice, our Lunchtime Learning member-only webinars are back. The first event in our autumn season will take place on Thursday (21 September), when IOE&IT customs consultant Samantha Hodgkins talks about how to build an internal compliance programme. This will be of particular interest to export control professionals.

Food and drink: The IOE&IT’s special interest group (SIG) for food and drink members opens on Thursday. There are still spaces on the call, if you want to hear from the Food and Drink Export Council on how to sell your delicious goods abroad and if you want to network with your fellow producers and traders.

Who gets the worm? Today is the final day to get early-bird discounts on Import-Export Show tickets. Reserve your spot here.

Other dates for the diary:

  • Monday: G7 foreign ministers meet in New York
  • Tuesday: UN General Assembly’s general debate opens, featuring speeches from US president Joe Biden and Ukrainian president Volodymyr Zelenskyy
  • Wednesday: Climate Ambition Summit
  • Thursday: It’s both International Day of Peace and Zero Emissions Day
  • Friday: UK retail figures released
  • Saturday: One year anniversary of Kwasi Kwarteng’s mini-budget
  • Sunday: Liberal Democrats Autumn Conference opens