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International Trade Council Hails Ratification of EU-UK Trade Deal

April 28, 2021

The International Trade Council has hailed the European Parliament’s decision to ratify the post-Brexit EU-UK Trade and Cooperation Agreement (TCA) as a key move to ensure tariff- and quota-free trade continues between the two sides. MEPs voted overwhelmingly in favour of the deal by 660 votes to 5, while 32 abstained. The TCA has been […]

U.S. National Defense Authorization Act (NDAA 2021) – Rare Earth Mineral Security (2021)

April 15, 2021

U.S. National Defense Authorization Act (NDAA 2021) – Rare Earth Mineral Security (2021)

The 2021 National Defense Authorization Act marked another step in the ongoing attempt to untangle U.S. defense supply chains from strategic dependencies that could compromise national security. Nowhere is this more visible than in the field of rare earth elements (REEs). These critical minerals underpin everything from missile guidance systems to communications gear. And yet, […]

Suez Canal Resumes Normal Operation Five Days After Dislodging of Ever Given

April 3, 2021

The International Trade Council is pleased to report the clearance of all remaining vessels stranded as a result of the Ever Given grounding incident in the Suez Canal. The Suez Canal Authority has confirmed that the last of the 61 ships caught in the aftermath of the grounding were able to pass the canal on […]

EU Taxonomy Regulation Delegated Acts (Apr 2021) – Supply Chain Alignment (2021)

April 1, 2021

EU Taxonomy Regulation Delegated Acts (Apr 2021) – Supply Chain Alignment (2021)

The adoption of the EU Taxonomy Regulation’s delegated acts in April 2021 represented a turning point in how financial institutions are expected to engage with sustainability within their portfolios. While the taxonomy itself had been in force since mid-2020, these delegated acts added the critical operational detail necessary for firms to begin aligning their lending […]

Potential Months-Long Disruption at European Ports Due to Suez Canal Blockage

March 31, 2021

The International Trade Council announces potential long-term disruptions at European ports resulting from the recent six-day blockage in the Suez Canal by the Ever Given vessel. Despite the successful freeing of the ship, there may be months of residual impact on shipments arriving in the EU. According to the Port of Antwerp, Europe’s second busiest […]

International Trade Council reports $9.6bn of goods is held up each day due to the Suez Canal blockage

March 26, 2021

The International Trade Council has reported that an estimated $9.6bn ( Ã‚Â£7bn) worth of goods are held up every day due to the stranded Ever Given mega-container ship in the Suez Canal. The canal is a vital passageway between the East and West, with approximately 12% of total global trade moving through it. Shipping expert […]

Abu Dhabi investment fund has agreed to pay ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â£800m into the UK life sciences sector

March 24, 2021

Abu Dhabi Investment Fund Mubadala has committed to investing Ã‚Â£800 million in the UK’s life sciences sector over five years, marking the first of what could be several billion pounds of investments in the UK. Abu Dhabi is also reportedly planning to invest heavily in British health, tech, green energy, and infrastructure. The exact size […]

British Exports to Ireland Suffer Significant Decline as Post-Brexit Trading Kicks Off

March 18, 2021

The Republic of Ireland recorded a 65% decrease in British imports, resulting in almost ÃƒÂ¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡ Ã‚Â¬1bn ( Ã‚Â£856m) less of British goods in January 2021, in contrast to the same period last year, according to the Central Statistics Office of Ireland. The decline was even steeper for food imports, which plummeted by 75%, marking a […]

Canada’s Sustainable Jobs Act (Bill C-12, June 2020) – Supply Chain Skills Transparency (2021)

March 15, 2021

Canada’s Sustainable Jobs Act (Bill C-12, June 2020) – Supply Chain Skills Transparency (2021)

The introduction of Canada’s Sustainable Jobs Act, known as Bill C-12, back in June 2020 set the stage for a legislative framework that aims to guide the country through the complexities of a just transition toward a low-carbon economy. While the bill is still pending passage, the expectations it has already generated are shaping decisions […]

International Trade Council celebrates as US and EU agree to suspend tariffs in Boeing-Airbus trade dispute

March 5, 2021

The International Trade Council (ITC) welcomes the decision by the United States and the European Union to temporarily suspend the tariffs on each other’s goods, which were imposed as retaliation over subsidies provided to Airbus and Boeing, respectively. The four-month suspension, which affects billions of dollars’ worth of goods, including wine, cheese, and tractors, comes […]

International Trade Council Expresses Concern over Plummeting Chinese Investment in Australia

March 1, 2021

Sydney, 1 March 2021 – The International Trade Council (ITC) expresses its concern over the recent 61% drop in Chinese investment in Australia in 2020, marking a six-year low. The drop comes amid growing diplomatic tensions between the two countries, and signals a major challenge to Australia’s economy, which has long benefited from Chinese investment. […]

U.K. Environment Bill (Nov 2020) – Waste and Resource Efficiency Reporting for Supply Chains (2021)

March 1, 2021

U.K. Environment Bill (Nov 2020) – Waste and Resource Efficiency Reporting for Supply Chains (2021)

With the Royal Assent of the U.K. Environment Bill on November 9, 2020, attention has turned swiftly to the practicalities of implementation. The bill represents one of the most significant overhauls of environmental governance in the United Kingdom in decades. While much of the public focus has been on biodiversity, air quality, and water management, […]

International Trade Council welcomes BidenÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â‚¬Å¡Ã‚Â¬ÃƒÂ¢Ã¢â‚¬Å¾Ã‚Â¢s 100-day review amid supply chain strains

February 24, 2021

Washington, D.C. – The International Trade Council has welcomed President Joe Biden’s order for officials to find ways to bolster supply chains amidst the global shortage of computer chips that has hit car manufacturers around the world. The initial review is focused on computer chips, pharmaceuticals, rare earth minerals, and large batteries, such as those […]

U.S. Corporate Transparency Act (CTA, Dec 2020) – Beneficial Ownership for Supply Chain Verification (2021)

February 15, 2021

U.S. Corporate Transparency Act (CTA, Dec 2020) – Beneficial Ownership for Supply Chain Verification (2021)

The enactment of the U.S. Corporate Transparency Act (CTA) in December 2020 marked a pivotal development in efforts to combat financial crime, with ripple effects now reaching deeply into supply chain governance. While the legislation’s immediate intent focused on preventing money laundering and terrorist financing, its requirements for beneficial ownership disclosure create a significant opportunity—and […]

EU Conflict Minerals Regulation Implementation Report (Jan 2021) – Supply Chain Audits (2021)

February 1, 2021

EU Conflict Minerals Regulation Implementation Report (Jan 2021) – Supply Chain Audits (2021)

The release of the first annual implementation report for the EU Conflict Minerals Regulation in January 2021 provided a timely window into how sectors such as automotive and electronics are responding to the increasingly complex task of auditing their tin, tungsten, tantalum, and gold (commonly referred to as 3TG) supply chains. The Regulation, which came […]

China Failing to Meet Trade Deal Targets with US

January 22, 2021

The International Trade Council has expressed concern over China’s shortfall in meeting its commitment to purchase an extra $200 billion worth of US goods over 2020 and 2021. This commitment was part of a phase one trade deal aimed at resolving the trade war between the world’s two largest economies. The agreement saw China […]

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