INTERNATIONAL TRADE
Forging closer links with China
The Chamber has signed a new Memorandum of Understanding (MoU) with the China Council for Promotion of International Trade (CCPIT), in Sichuan, to help facilitate a closer working relationship between the East Midlands and the Chinese province. The agreement sets out several
commitments both parties have made to benefit businesses through multiple information exchange methods, developing mutual friendship and providing opportunities for trade and economic cooperation. The opportunity for the Chamber
came about through its work with Rob Avery-Phipps, of the China- Britain Regional Initiative, which plays an important role in empowering UK regions to develop new economically focused dialogues with their Chinese counterparts. It followed the delivery of
20,000 facemasks, which were donated to Leicestershire by Sichuan, to help bolster supplies for key workers in the County Council and other critical services across the county. Although the MoU is for the
whole East Midlands, it is Leicestershire that has the overarching relationship with Sichuan. It comes into effect that this
participation, and strong competition from well-resourced and positioned state-owned enterprises. Businesses looking at China
should do as much market research and planning as possible, using both desk research and visits to the market. China has what is officially
termed ‘a socialist legal system with Chinese characteristics’ which is based on both statutory law and custom. You must identify whether the
market is open to you and if restrictions apply. In some sectors, it is possible
to set up a 100% foreign-owned company. In others, entry is possible only through a local partner. There are opportunities for UK
brands as increasing numbers of China’s cities develop the relevant infrastructure and local governments encourage the creation of new businesses.
comes on the back of similar existing agreements with Zhejiang and Anhui provinces, which have longstanding relationships with Nottinghamshire and Derbyshire respectively. David Pearson, the Chamber’s
N2 Business Readiness for Change
Chamber Chief Executive Scott Knowles signs the Memorandum of Understanding with CCPIT Sichuan
Director of Partnerships, said: “Relations between the UK and China have never been closer, and the signing of this economic partnership agreement is testament to that. “This partnership will help both
sides to assist businesses in making the most of the opportunities on offer.” Dr Nik Kotecha, Chief Executive of
Chamber strategic partner Morningside Pharmaceuticals, added: “As one of the world’s fastest growing economies, China provides a host of new trade opportunities for firms in the East Midlands. “There are plenty of synergies
between the businesses located here and their Chinese counterparts, so anything which helps to foster closer, more positive relationships, ease the flow of information and create greater opportunities for cooperation and collaboration has to be a good thing.”
This programme of events is funded by the local authorities in the N2 region and will be delivered by the Chamber over the coming months. With the UK currently in a
transition period following its legal withdrawal from the EU on 31 January, these events will assist businesses by increasing their resilience and helping them to prepare for new world trade deals. Following the economic
challenges caused by coronavirus, it’s important that the East Midlands region is ready to do business that will ultimately help to increase trade, boost investment and create more jobs. The ‘Readiness for Change’
programme will also consider the impact of the current pandemic. The programme will cover
topics such as risk management, customs declaration, intellectual property and managing contracts, along with the tax implications of Brexit.
To book onto the programme of free events, please visit
https://bit.ly/2A08UsR
Looking into Incoterms® 2020 rules and guidelines
Incoterms® rules were first published by the International Chambers of Commerce in 1936. They are a set of three letter acronyms, recognised internationally, which define the risks and responsibilities of buyers and sellers in international trade contracts. The guidelines are updated every ten years and
Incoterms® 2020 was published in September 2019 for implementation on 1 January 2020. Understanding Incoterms® rules and their use is
essential for the successful movement of goods between customers and suppliers around the globe. Getting this wrong can lead to delays, penalties, problems with payment and unhappy customers. Furthermore, your company may incur additional charges which erode profit margins. The International Trade team is running a series of
half-day online courses over the coming months, ideal for staff responsible for negotiating business in overseas markets and/or processing orders. The courses are designed to keep businesses fully updated on the new rules and ensure Incoterms® is being used correctly in day-to-day contacts.
International Training is now being run online to help support you in changes as a result of Brexit and Covid-19. Though matters of International Trade can be complex, upskilling your knowledge can be extremely rewarding. To book on to Incoterms® 2020 Rules or any other courses on the programme, please visit
https://bit.ly/3dXwAwO
business network June/July 2020 25
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