Excellent new tool developed by The World Bank: “The COVID-19 shock prompted us to develop a new index of supply chain stress”.
Read about it here: https://lnkd.in/emcSQyb7
Trade facilitation could unlock an increase of up to £3,500 in GDP per capita per UK household, bringing greater prosperity through more efficient border processes and reduced friction for businesses.
The Trade Facilitation Commissions (TFC) report “Ensuring Economic Growth’ was launched this week.
You can read the Press Release here below and download your electronic copy of the report here below.
”Trade facilitation is not a luxury—it’s an essential driver of growth. By embracing digital tools, simplifying customs, and empowering trusted traders, we can transform the UK’s trade landscape and secure a prosperous future for businesses and people alike.”
Lord Agnew, Chairman of the TFC:
The TFC identified four reasons why trade facilitation is urgently needed:
- Economic Growth Crisis: The UK, along with other G7 countries, faces an ongoing economic growth challenge since the Global Financial Crisis.
- Declining EU Trade: Trade with the EU has decreased due to new trade processes, impacting UK businesses.
- Supply Chain Vulnerabilities: COVID-19 disruptions exposed weaknesses in the UK’s understanding of its supply chains.
- Increasing Complexity: With new regulations emerging, particularly from the EU, a more streamlined and manageable trade system is critical to future resilience.
On the TFC website, you can listen to the TFC Podcast explaining the report.
If you want to read the Press Release and download a copy of the report, The Report
The UK is pausing the development of the #SingleTradeWindow, a digital border service that would have streamlined data relating to cross-border trade.
James Murray, the Exchequer Secretary to the Treasury, made a written statement to the House today (5 November) to confirm that the delivery of the new system will be paused in 2025 and 2026.
Single Trade Windows (STW) is the leading border modernization tool around the world and there are many successful examples. It is important to note that the experience from best practice examples is that the most important elements to do business process re-engineering (BPR) creating integrated and coordinated border management of trade flows. It is not about technology per say, but a client driven trade facilitation vhange management effort.
The decision this week means that it will be even more important for UK to speed up the work woth Digital Trade Corridors.
For lämore information: GOV UK
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