TruckandTrackAutumn2019

www.truckandtrack.com Autumn 2019 Truck and Track 73 PORTS ■■ Centre for Policy Studies (CPS) pamphlet shows London and South East dominate trade and FDI in the UK, responsible for 43 per cent of Britain’s exports, and over half of all new inward FDI projects between 2015 and 2018. ■■ Recommends that post-Brexit trade and investment policy should give deprived areas in all regions the tools to compete and flourish. ■■ Concludes that international trade and inward FDI increase the economic success of specific UK regions. As the UK prepares to leave the EU, it has a chance to develop an independent trade policy for the first time in over four decades. Yet there is a risk that the substantial benefits of new trade deals will accrue primarily to those areas that have already benefited in the past. A new Centre for Policy Studies report, ‘Tipping the Balance’, publishedonthedayoftheMargaretThatcherConferenceonBritain and America – the think tank’s flagship event, which will have trade and investment as one of its core themes – shows how changes to trade and investment policy could be a vital tool in driving growth in some of the country’s most deprived areas, delivering on the Government’s objective of rebalancing the economy. Thereport,sponsoredbyRaytheonUK,stressesthatthegovernment needs to work sympathetically with the needs of businesses and explains how levels of exports and inward FDI are intimately correlated with the economic success of a region – and how this can influence economic inequality between regions. The report draws on case study examples from across the UK – including in Broughton, North Wales, which has grown into a UK centre of excellence for developing airborne intelligence, surveillance and reconnaissance (AISR) technology following initial seed investment from the United States. Commenting on the pamphlet, Robert Colvile, Director of the Centre for Policy Studies said: ‘We all know that Britain’s economy suffers from alarming regional inequality. To make the most of Brexit, we need not just to boost trade but to ensure that those regions that have been left behind are given the tools to compete for it. Opportunity Zones and free ports can help spread prosperity beyond London, offering a tangible post-Brexit boost to some of our most deprived communities.’ Richard Daniel, Chief Executive of Raytheon UK, said: ‘We must ensure investment, both domestic and foreign, encourages trade and economic growth in all parts of the UK, and helps us to rebalance the UK economy. I’m pleased that our work with the CPS is helping to shed light on this. Raytheon UK is invested in Britain and, with sites across the country, we will continue to support investment across our sites developing unique UK sovereign capabilities regionally.’ The report is part of a wider CPS project on economic rebalancing, which will be published later in the year. Specifically, the report recommends: Introducing Opportunity Zones in the most deprived parts of the UK, with firms incentivised to locate there through tax advantages. Alongside this, establish free ports once the UK leaves the EU, to incentivise economic activity in some of the nation’s most deprived regions – as advocated previously by Rishi Sunak MP in his CPS report The Free Ports Opportunity. Prioritise rolling over existing preferential trade agreements the UK enjoys as an EU member state before 31 October 2019, then look to negotiate new trade agreements with other developed and high- growth economies and trading blocs around the world. After that, Britain should endeavour to re-examine existing trade agreements to see how they can be improved, particularly with regards to removing non-tariff barriers. Reform export credit regulations to ensure that any government help goes to where it is needed most, as well as examining how more private finance can be leveraged to help British businesses increase the amount they export. Use ‘opportunity zones’ to spread benefits of trade across all of the UK after Brexit, new CPS report urges Port of Dover Cargo is an Authorised Economic Operator (AEO) for imports and exports, after being granted an official, internationally recognised quality mark for both customs simplification and security and safety. The AEOC and AEOS awards (Authorised Economic Operator for Customs and Security respectively) demonstrate Port of Dover Cargo’s secure and vital role in the international supply chain. It has a particularly flourishing trade in perishables, transporting fresh produce from all over the world into the UK, and this status will guarantee quicker and more simplified customs and security procedures. Barbara Buczek, Chief Commercial Officer at the Port of Dover said: “Our Cargo Terminal is already unrivalled with its exceptional location and efficiency, and the business is only going to get stronger as we prepare to unveil our brand new cargo terminal very soon. We are delighted to have received this official global quality mark, which will ensure our customs, security and safety measures will always be of the highest standard.” Port of Dover Cargo will now have the official AEO logo displayed throughout the current terminal, and the new site, which is due to open later this year as part of the £250million DoverWestern Docks Revival (DWDR). Some of the benefits that these two awards bring to the Port’s cargo customers include: AEOC - Faster application process for customs, reductions or waivers of comprehensive guarantees and undertaking centralised clearance. AEOS – the Port has a lower risk score, which means fast-tracked customs control. It also has mutual recognition with countries outside the EU (for example, USA or trading partners that adopt the World Customs Organisation safe framework). Port of Dover Cargo granted full AEO status in customs & security TAILOR MADE VEHICLE & TRAILER SOLUTIONS 01543 420 121 www. deker .co.uk