Business News
How the Chamber can help exporters
Whatever Brexit throws at businesses in the UK, Greater Birmingham Chambers of Commerce are ready to help, especially on the international front. As we enter unknown territory, like tariffs and documentation requirements needed for exports to the EU and other global markets, Philip Parkin examines the issues.
It’s a little known fact that for every pound spent on boosting exports from Greater Birmingham and Solihull, it earns the region £45*. And, during the past year, business won by existing
exporters in the region has been in excess of £27m. Much of this success is down to the help that local
exporters get from the International Trade Advisers based in the International Business Hub at the Chamber of Commerce headquarters in Edgbaston. These advisers have been instrumental in helping
exporters build a presence in many of the world’s markets - but in terms of volume, the top five markets for this region are the USA, the United Arab Emirates, Germany, Canada and Ireland. Mark Sankey, head of the Chamber’s international trade team, said: “The USA is the largest market by far, but there are European staples in Germany and Ireland, the UAE is a rapidly growing market and Canada is a Commonwealth partner.” This is something that those trading
within the EU have not had to consider, until now. Mark said: “The international trade team is advising
exporters about the need to be in best possible position, whatever ‘Brexit’ looks like. “Over the next couple of years one of the key
concerns for UK exporters will be the UK’s exit from the EU and the impact it will have for trade with European markets. With the fluctuating pound and the importance for business to take a long-term view of their export strategies, it is important for exporters to plan ahead for how Brexit might affect their international business. “Whatever happens in the coming years, we need to
remember that the true nature of international trade and the long term benefits to businesses export and to the UK economy will remain unchanged – and we stand ready to support businesses through this period of change.” When the UK leaves the EU, it will be important for
businesses to stay up to date with the UK’s trade agreements with overseas partners including and beyond the EU. This new arrangement may have a significant impact on costs – and therefore the financial return when selling overseas. This Chamber will be monitoring this situation closely. To help exporters deal with life after the European
Union, Enterprise Europe Network has developed a 12- point checklist to help exporters to ‘minimise and manage risk due to Brexit’. One of their recommendations to exporters is to
prepare for and research potential tariffs, quotas and other requirements, and also review their export skills. “Businesses need to understand the process of
exporting,” said Mark. “They should conduct an export skills review, in terms processing documentation, understanding Incoterms 2010, understanding letters of credit etc, and should contact the Chamber for
6 CHAMBERLINK June 2017
assistance, as we have the expertise they need and also run export training courses and seminars on this topic.” He said that at the same time, businesses needed to
talk with existing customers in the EU, to reassure them of their continued commitment to act as their suppliers in the face of potential changes. He added that there were further considerations as
well, one of which was to think about using foreign exchange services to protect income and profitability from volatile swings during the ‘Brexit’ negotiation period. Among those that can help with this is Rational FX, a
‘We stand ready to support businesses through this period of change’
specialist currency provider for international money exchange around the world, which has partnered with the Chamber. Rational FX was co-founded in 2005 by Paresh Davdra and Rajesh Agrawal, and the new partnership with the Chamber will allow members to utilise the services of dedicated foreign exchange strategist Jaspaul Bains, who will be available to help with all foreign currency requirements. He said: “The partnership ultimately
enables us to add real value to businesses operating within the region.” The Chamber is also advising businesses to pay more
attention to protecting their intellectual property (IP) in the post-EU world. Mark said: “IP is important for any business with
international sales, exporters should understand the assets held in their brand and products – and importantly how to protect these assets in overseas markets. Sunny Claire, business adviser with Enterprise
Europe Network, which helps businesses innovate and grow internationally, says that businesses should be aware that once the UK had left the EU, there could be a need for changing the packing and labelling of some of their products, in order to meet additional standards specified by specific EU countries. He said: “When developing your business in
international markets it is fundamental to have an understanding of country specific rules and regulations regarding product conformity, packaging and labelling. Managing and protecting your intellectual property is also a fundamental aspect to ensure your business has an opportunity to succeed in these markets.” As well as those mentioned, the Chamber also offers
other services to assist exporters, including a translation and languages team, which has expertise in more than 120 different tongues. Mark Sankey said: “We are the place to go in these
uncertain times, for all your international business needs. Our knowledge and international networks are second-to-none. We deliver a programme of seminars, export masterclasses and training courses, overseas exhibitions and markets visits to help companies take their first steps into international markets.”
*Figures from the DIT WM
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