The U.K.'s Department for International Trade on Nov. 17 released an explanatory memorandum over a proposed EU regulation reshaping the bloc's rules on the import, export and transit of firearms. The proposal before the European Parliament and the European Council was tabled Oct. 27 but "addresses challenges related to the tracing and illicit trafficking of civilian firearms by setting common definitions, rules and principles for export, import and transit procedures." The regulation is now being "recast" due to greater levels of firearms trafficking in the EU from post-conflict nations. The new regulation's main goals are to reduce the circumvention of embargoes, drop the diversion of civilian firearms, further coordinate controls between EU member states to boost firearm traceability, and give a clearer and harmonized legal and administrative framework for the import, export and transit of firearms.
The U.K. and Switzerland signed a mutual recognition agreement to drop nontariff barriers concerning conformity assessment in five sectors, the Department for International Trade announced Nov. 17. The covered sectors are electrical equipment and electromagnetic compatibility, measuring instruments, radio equipment, transportable pressure equipment and noise-emitting equipment for use outdoors. The agreement lets these goods be tested in the U.K. against Swiss regulations, then be sold in Switzerland without additional testing and vice versa. Pending parliamentary approval, the MRA will be applied provisionally beginning Jan. 1.
The U.K.'s Office of Financial Sanctions Implementation on Nov. 17 issued a new general license that authorizes certain payments to energy companies for gas or electricity. The payments can be made to Office of Gas and Electricity Markets (OFGEM)-registered energy companies from a frozen U.K. bank account via transfer or direct debit. The OFGEM-registered companies can receive the payments and make return payments to frozen bank accounts, the license said. Designated parties can also receive return payments from energy companies into a frozen U.K. bank account. The license permits this activity through April 16, 2023.
The U.K. reappointed Richard Graham to the role of trade envoy to Indonesia, Malaysia, the Philippines and the Association of Southeast Asian Nations (ASEAN), the Department for International Trade said. The Nov. 14 announcement was made before British Prime Minister Rishi Sunak traveled to Indonesia for the G-20 summit. Graham will continue promoting U.K. trade in the region "and encourage inward investment across the UK," the DIT said.
EU member states agreed Nov. 16 to their negotiating position on the Anti-Coercion Instrument (ACI), a regulation that would protect the EU from "economic coercion by third countries." ACI "will allow the EU to defend itself better on the global stage through a large variety of response measures," the European Council said. "In this mandate, the Council seeks an enhanced involvement in the decision-making process by conferring implementing powers to itself to determine what constitutes economic coercion," it said. The European Commission would keep its powers in deciding on the EU's response measures, the council said.
The U.K.'s export support service phone line relating to duties on goods from Russia and Belarus has closed, the Department for International Trade said in a Nov. 16 update. The department removed the phone number from the guidance page pertaining to the duties.
U.K. Prime Minister Rishi Sunak won't "sacrifice quality for speed" when carving out a free trade deal with India, he told reporters before meeting with Indian Prime Minister Narendra Modi Nov. 16, Bloomberg reported. British Trade Minister Greg Hands said in October that the two sides had completed most sections of an agreement. The original anticipated end date for negotiations was the Hindu festival of Diwali -- which began Oct. 24. “No doubt we’ll be talking about it again when we meet this week,” Sunak said. “But I wouldn’t sacrifice quality for speed. And that goes for all trade deals. It’s important that we get them right rather than rush them.”
The total imports of goods into the U.K., excluding precious metals, dipped by 5% in September, with imports from EU countries dropping by 7.3% and shipments from non-EU countries falling by 3%, the Office for National Statistics reported in its September bulletin. Exports also fell, with total shipments of goods, excluding precious metals, falling by 4.7% and exports to EU countries dropping by 5.1%. The dip in imports from non-EU countries was led mainly by an over $1.5 billion decrease in fuel imports due to falling imports from Norway and dropping oil prices in September, the office said. Without the effect of inflation, the stats office said total imports fell by 6.1% and exports dipped by 4.8%.
Russia is set to abide by a new deal, brokered by the U.N., allowing Ukrainian grain and other farm products to be exported via the Black Sea, Bloomberg reported Nov. 15. Russia will let the deal renew after it expires Nov. 19, individuals familiar with the situation told Bloomberg, though they didn't specify whether Russia would look to add new conditions in return for the extension. Turkey and the U.N. brokered the original 120-day deal allowing Ukraine to resume its seaborne exports from its ports after Russia's invasion. The new accord would enact a 120-day extension unless one of the parties pulls out or modifies it, Bloomberg said. The U.N. said it will help ensure unimpeded exports of Russian food and fertilizers.
The U.K. released a General License, titled, "Funds of non-designated third parties involving designated credit or financial institutions." Granted under the U.K.'s Russia sanctions regulations, the license lets an individual use the retail banking services of a designated credit or financial institution if payments made or received are intended for personal use. Payments cannot exceed around $59,500, and the individual making or receiving the payment must report the payment details to the Treasury. The one-year license expires Nov. 10, 2023.