Here the IOE&IT’s content team sifts through the morning news headlines to bring readers a digest of stories relevant to international trade.
1. Return to work blueprint
Ministers are in “crunch talks” over how best to ease lockdown, report The Telegraph and Financial Times, with a sector-by-sector approach likely to emerge.
Carolyn Fairbairn, director general of the CBI, has also written in the FT about ‘5 principles’ that should be adhered to for a “gradual” and “successful” return to work.
2. Letters of credit for PPE
Less happy news is trade finance firm and publisher Trade Finance Global has heard from businesses sourcing PPE about supply chain issues, particularly for new manufacturers.
The need for a high level of monitoring – due to opportunistic businesses selling low quality items – has made it hard for new manufacturers to gain the easements that established producers have been able to attain. The article also notes that letters of credit have become difficult to secure for new producers.
3. India plans post-virus reduction on exports from China
India has begun work on a plan to kick-start its exports once the country emerges from the shadows of the Covid-19 pandemic, the Economic Times of India reports.
The plan includes cutting down import dependence, especially from China, by focussing aggressively on substitution while improving safety compliance and quality goods to gain global market share.
4. No customs office for Belfast
In Brexit talks, the UK is reported by The New European as refusing the EU’s request for a ‘technical’ customs office in Belfast, asking officials to fly in regularly instead.
The EU, meanwhile, has produced readiness notices for sectors likely to be impacted by new trade barriers, whatever the outcome of the talks.
That’s it from us for today and thank you for reading.
