INTERNATIONAL TRADE


TRAINING & EVENTS SPOTLIGHT ON: AUSTRALASIA


FOCUS ON: INTERNATIONAL TRADE OPERATIONS AND PROCEDURES (ITOPS)


While geographically Australasia couldn’t be further from the UK, in many ways it feels a familiar market for East Midlands-based companies seeking to trade internationally. This month ‘Spotlight On’ takes a closer look at Australia and New Zealand, well-known to many, but relatively untapped as export destinations. Boasting 25 years of


The recent successful ITOPS cohort


ITOPS is a recognised BCC-accredited qualification, covering the main elements of export administration, including documentation, customs and excise and other legal requirements, payments and dispatch and shipping. It is the Chamber’s flagship international training course. The four-day course sees delegates learn how to avoid costly mistakes


by improving their international trade procedures, with some past delegates saving their employers thousands of pounds. Successful candidates will be awarded the BCC Foundation Award in


International Trade. NSK Europe, a globally-renowned manufacturer of bearings, sent two employees, Suzanne Tomlinson and Abby Clarke, to a recent ITOPS course. Suzanne said: “The course was completely relevant to my job and also


helped me look into aspects of international trade and shipping so that I could make appropriate changes.” Abby added: “I now have a thorough understanding of why I need to


complete export paperwork forms and the consequences of incorrect documentation.” The four-day course is delivered by the Chamber in partnership with Fidelitas Training and sponsored by 512 (Sheffield).


For information on the next ITOPS course, starting in September, visit bit.ly/ITOPSSept


SEPTEMBER’S COURSES:


Import procedures BCC Accredited Venue: Nottingham Date: Time: Price:


5 September 9.30am-4.30pm


£245+VAT members, £350+VAT non-members


Export documentation BCC Accredited Venue: Leicester Date: Time: Price:


14 September 9.30am-4.30pm


£245+VAT members, £350+VAT non-members


Customs export and import procedures Venue: Chesterfield Date: Time: Price:


26 September 9.30am-4.30pm


£245+VAT members, £350+VAT non-members


Skills Bank


funding The Skills Bank is a project of Sheffield City Region’s Local Enterprise Partnership. The Chamber is one of 43


training providers approved to deliver training courses, including those on the left, or qualifications to businesses that fall within the Sheffield City Region’s borders.


For more information, and to check whether your business qualifies for funding, visit sheffieldcityregionskillsbank.co.uk


24 business network July/August 2017


uninterrupted economic growth, a developed economy and strong historical and cultural links to the UK, Australia is seen as a reliable market with significant potential for East Midlands exporters operating in a range of sectors. In terms of trade, Australia is a


remarkably well balanced economy, recording exports worth £113bn and imports of £114bn in 2015, making it the 22nd largest export market in the world and 21st in terms of imports. While resource-rich in many


commodities, Australia is evidently a trading nation, relying on imports from other markets to fuel its consumption. Top imports include cars, petroleum, computers and pharmaceutical goods, highlighting the opportunity Australia poses to East Midlands companies with expertise in these fields. Although the UK has deep-


rooted cultural links with Australia, this does not necessarily translate to economic cooperation and trade. In 2015, UK goods accounted for 2.8% of all Australian imports, lagging significantly behind China, USA, Germany and Japan. East Midlands companies


observed a significant balance of trade surplus with Australia in 2016, exporting £195m worth of goods and importing £46m. While exports were driven primarily by transport and machinery equipment (46%), other commodities such as manufactured goods and food and drink also contributed to the total. Particular areas of opportunity to


be found in Australia include the sectors of healthcare, rail and road infrastructure and renewable energy. All three sectors have seen significant investment in recent years from public and private sources. With East Midlands companies developing and manufacturing some of the most innovative goods and services in these sectors, there is great potential to be found in the Australian market. Although the sheer distance


deters many companies from actively exploring Australia as an export market, there are numerous reasons to look beyond the 9,500 miles and give it the consideration it warrants.


Australia offers many areas of opportunity to East Midlands companies


Australia is ranked by the World


Bank as the seventh-easiest country in which to set up a business and falls within the top five countries globally on the Index of Economic Freedom, highlighting the simplicity of trading in to the Australian market. East Midlands companies doing


business in Australia will find familiar business practices and consumer tastes. It is estimated there are more British citizens in Australia than in any other foreign country. 1.2 million Britons are permanent residents in Australia and over 600,000 visit every year. The future of UK-Australia trade


also looks promising. The two countries agreed to establish a bilateral Trade Working Group in 2016, to begin forming the parameters of a future post-Brexit Free Trade Agreement. The European Union is also


actively pursuing a Free Trade Agreement with Australia. In April 2017 the EU and Australia ended preparatory work for potential trade negotiations. The EU is currently conducting an assessment on the potential impact of such a trade deal. Similar assessments are taking place on a potential EU-New Zealand trade deal, the European Commission will ask the EU Council for a negotiating mandate for EU trade negotiations with New Zealand. With Australia comprising the


vast majority of the economic activity and population, companies will understandably look there, but New Zealand should also be considered thanks to its ease of doing business and familiar legal framework.


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