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Trade & Investment Update

February 2017

Highlights

BritishAmerican Business Roundtable Discussion With Governor John R. Kasich, in partnership with JobsOhio

On 21 February, BritishAmerican Business organized a lively roundtable with Governor of Ohio John Kasich, in partnership with Jobs Ohio and kindly hosted by Marsh. The meeting provided business leaders and SMEs with a fantastic opportunity to network and learn about what makes Ohio such a great place to invest and how it can contribute to the wider transatlantic economy.

JobsOhio is a private non-profit corporation driven to bring job creation and capital investment to Ohio through business attraction, retention, and expansion efforts. JobsOhio has seen incredible success in its mission, partnering with companies across 330 new projects committed to create 23,602 new jobs for Ohioans and invest $6.7bn in new capital over the last two years alone. For more information please click here.

BP's Commitment to America: Supporting the US Economy

For 150 years, British company BP has contributed to America's economy and energy security through major investments in oil & gas production. 

 

BP now has a larger economic footprint in the US than any other nation in which they operate, investing more in the US than any other energy company over the last 10 years - contributing $80bn to the US economy in 2015 alone. 

 

BP directly employs more than 14,000 people across America, with operations in more than 30 states. 

 

Further to this, BP's operations support the employment of over 130,000 people through their supply chains, with an oil and gas pipeline network that covers nearly 4,000 miles across America. 

 

To celebrate their transatlantic success, BP released their 2016 US Economic Impact report which details how BP's operations benefit the US economy, what steps BP is taking to improve the safety of their operations, how BP is investing in innovative technologies for the future, and details on BP operations in the US including The Whiting Refinery in Chicago, The Cherry Point Refinery in Washington and the BP-Husky Toledo Refinery in Ohio. The report is available to download from the BP website here.

Do you have a transatlantic trade success story you would like to share? Get in contact with our Policy & Trade team at policy@babinc.org

Meetings and Initiatives

BritishAmerican Business Releases Updated Priorities for European Union Exit Negotiations

On 22 February, BritishAmerican Business launched its updated Brexit priorities list and key principles for the UK's upcoming negotiations to leave the European Union. These priorities were formally presented to senior ministers in the Department for International Trade (DIT) on 21 February and launched publicly the following day.

 

Key Principles:

  • Committed to help building a fair, competitive and global Britain
  • The importance that an agreement is reached
  • Business needs time to adjust
  • New forward-looking solutions through government-business collaboration

 

To read BAB's 10 priorities in full please click here.

 

BAB New York Hosts Exclusive Brexit Roundtable

On 3 February 2017, BritishAmerican Business New York hosted an exclusive roundtable to discuss Brexit, and what the business community can expect both now and in the future. Speaking at the event was Antonia Romeo, British Consul General in New York and Director-General Economic And Commercial Affairs USA; Doug Peterson, CEO & President, S&P Global; and Casey Santos, CIO, General Atlantic.

 

Outreach and Media

Article in Southwark Times by Emanuel Adam, Director Policy & Trade BAB London - A Land of Opportunities

February's issue of the Southwark Times featured an article from BAB London's Director of Policy & Trade Emanuel Adam. The article focused on the US as an investment destination, and the wealth of opportunities available to foreign businesses looking to make the jump across the Atlantic. Also featured was a short article by BABC CEO Jeffries Briginshaw on the transatlantic trading relationship as a source of stability moving forward. To read each of these features, please click here.

 

News

Boeing Expands Production With Investment in New UK Site

On 24 February, Boeing announced plans to open a new production facility in Sheffield, United Kingdom, to manufacture high-tech components for Boeing's Next-Generation 737, 737 MAX and 777 aircraft.

The new facility, the result of a Boeing investment of more than £20m, is part of a broader plan by Boeing to begin in-house manufacturing of key actuation components and systems in the US and the UK to enhance production efficiency and reduce supply chain costs. For more information, please click here.

 

'No Deal' Brexit Would Mean £6bn in Extra Costs for UK Exporters

PM Theresa May has insisted "no deal is better than a bad deal" when it comes to the terms of Britain's departure from the EU, suggesting the prime minister believes falling back on World Trade Organisation rules is a credible alternative if she cannot get her preferred option of a new free trade agreement with the EU. However, without EU cooperation, the cost of the Prime Minister's 'no deal' scenario is clear. As part of a series examining the plausibility and impact of a hard Brexit, the Guardian has analysed the latest international trade figures compiled by the UN and World Bank - showing that the $204bn-worth of British goods bound of Europe each year would be hit with $7.6bn in new tariffs under current WTO rules, equivalent to £6.1 at today's exchange rate. For more information, please click here.

 

President Trump Plans 10% Defense Spending Boost

US President Donald Trump has laid out plans to increase US defense spending by 10% in his proposed plan for the 2018 budget. The blueprint will increase defense spending by $54bn (£43bn) but seeks to recoup that sum through deep cuts elsewhere, including foreign aid. Trump will present his budget to Congress in May and is expected to leave large welfare programs untouched, despite Republican calls for reform. For more information, please click here.

 

Imports & Exports Update - November 2016 

UK Exports to the US

 

$4.7 billion in December 2016 up 2.1% from November 2016. For more trade information click here.

 

US Exports to the UK

$4.3 billion in December 2016 - no change from November 2016. For more trade information click here.

 

FDI Factsheets by SelectUSA

The United States is the largest recipient of FDI in the world, and its close trading relationship with the United Kingdom makes both the UK and US the the largest investors in one another's economies. The transatlantic trade and investment relationship can proudly boast it is the most valuable on earth, worth $493bn annually, and supporting over 1m jobs in both the US and UK respectively.

SelectUSA have produced a series of 'FDI Factsheets' that provide comprehensive and easy to read data on the largest and fastest growing sources of FDI in the US. Also available are factsheets on US inward FDI in the manufacturing sector as well as a series of international factsheets that showcase different international markets and their investment in the US economy. For more information, please click here.

Ask A Question

EU Data Protection Rules After Brexit, Ditch or Do?

 

The General Data Protection Regulation (GDPR) will hit the UK's shores in May 2018 to replace the current legislation. But what happens when the UK leaves the European Union (EU) a year later in 2019?

 

Sietske de Groot from TradePeers responds: As long as the UK is a member, it has to abide by all EU legislation. So European companies, UK companies and, indeed, all companies operation in the EU, will have to comply with data protection rules, encompassing:

 

  • The lawful processing of personal data
  • Individual rights
  • Accountability and governance
  • Dealing with data breaches
  • Transfer of data

Sietkse de Groot, Managing Director at TradePeers Ltd.

contact@tradepeers.eu

www.tradepeers.eu

@singlemarketgrl

After the UK has left the EU, the Government's forthcoming 'Great Repeal Bill' will put all EU legislation on the UK statute book to ensure businesses don't face a cliff-edge of legal uncertainty the day the UK leaves. The idea is that the UK Parliament would scrutinise each EU law and decide which ones would be retained, amended or dropped. However, this could mean creeping non-tariff barriers as EU and UK rules increasingly diverge through updates and court cases. Also, legal rights in cross-border trade can no longer be enforced directly by companies via a UK court, as the UK will leave the EU arbitration system. As long as the EU data protection rules are not ditched by the British Parliament, or die in EU-UK negotiations, please take heed of the upcoming GDPR, at least until 2019, and likely beyond.

Upcoming Events 

An Evening in New York with Nigel Farage | Moderated by Mark Thompson - Hosted by BAB New York

 

On 2 March, join BritishAmerican Business and the London Speaker Bureau as they host Nigel Farage, Member of the European Parliament and former leader of the United Kingdom Independence Party at New York's iconic hotel The Pierre. Mr. Farage is an outspoken critic of the UK's membership of the European Union, and has gained international notoriety for his passionate speeches in favour of Brexit. Now a regular contributor to Fox News, he continues to be a powerful voice in the pro-Brexit movement in the UK. Moderated by New York Times President & CEO Mark Thompson, the night is sure to provide a fantastic platform for debate. Spaces are limited, so to register your place now please click here.

How To Globalize a Business in the 21st Century: a Keynote Session with Nigel Travis, CEO Dunkin' Brands - Hosted by BABC New England

Om 9 March, BABC New England will host the latest in their CEO keynote session series with Nigel Travis, CEO of Dunkin' Brands to talk about how business leaders can globalize their business in the 21st Century, kindly sponsored by Morgan Lewis. To register your place, please click here.

 

The 2017 Transatlantic Conference - Hosted by BABC Chicago

On 10-11 May, BABC Chicago will proudly host the 2017 Transatlantic Conference in the beautiful city of Chicago, Illinois. The aim of the conference is to promote a robust dialogue between the US and the UK, drawing upon the thought leadership of BABC's 2000 strong member companies across its 22 chapters on both sides of the Atlantic. The theme of this year's conference is 'Navigating the New World,' focusing upon the new and exciting opportunities as the United States, Canada, UK and Europe face changes in the realities of economics, trade, borders, and governance. The conference provides attendees with unique learning and networking opportunities, with senior business, government and academic participants from a a range of industries and regions. For more information, please click here.

 

If you are interested in joining BABC at one of our 22 chapters spanning the UK and US, please get in contact with your local chapter. More information can be found at www.babc.org

To stay up to date on Brexit, Trade and other issues relevant to the transatlantic business community, follow us on Twitter @BABPolicy & @BABCTrade and join our LinkedIn Group Global Trade and Investment