Global trade hits a record of $7.7 trillion in the first quarter of 2022. However, most of the value increase is due to inflation rather than the trade volume.

Trade continues to be an engine for economic growth while the trade growth is expected to slow for 2022.

More details can be found on UNCTAD’s latest Global Trade Report. More here: Globsl Trade hits record

Source: WEF / UNCTAD

The United States (US) Government will be providing US$2 million in support of the creation of a Cyber Centre of Excellence in Jamaica, which will benefit the wider region.

US Vice President, Kamala Harris, made the announcement during a call with Prime Minister, the Most Hon. Andrew Holness, on August 8.

A statement issued by the White House said that the call “is part of the Biden-Harris Administration’s ongoing efforts to elevate engagement with Caribbean leaders given our shared interests and common bonds”.

During the communication, the Vice President and Prime Minister Holness welcomed progress made on three short-term joint US-Caribbean committees that President Biden and the Vice President launched in June to produce concrete, near-term solutions to urgently address food security, energy security, and finance challenges confronting the region.

Vice President Harris met with Prime Minister Holness on March 30, where they discussed a range of issues, including security, COVID recovery, and economic growth.

On April 29, the Vice President convened Caribbean leaders virtually and on June 9, President Biden and the Vice President met with Caribbean leaders at the Summit of the Americas in Los Angeles.

In addition, during the call, and throughout these engagements, the Vice President made clear that the US, as a neighbour in the Western Hemisphere, values its partnerships with Caribbean nations and that it is committed to addressing the region’s most pressing issues together.

VP Harris also congratulated Prime Minister Holness and the people of Jamaica on the occasion of the nation’s 60th anniversary of independence.

HMRC has warned UK firms yet to begin using the new Customs Declaration System that they may soon be unable to import products into the country.

Over 3,500 firms risk significant delays if they don’t move to the new service within the next two months and are being warned that registration and adoption aren’t instantaneous either. 

HMRC’s director of programme and operational delivery for borders and trade, Julie Etheridge, noted, “There are now only two months left until businesses must use CDS for imports. Businesses need to move now or risk being unable to bring their goods into the UK.

“Registering takes time so businesses should start moving to the Customs Declaration Service to ensure a smooth transition and avoid disruption to their business.”

The new Customs Declaration System, brought in following the UK’s departure from the EU, includes a number of significant changes for importing businesses, including;

  • New data element fields with specific formats
  • New dashboards to monitor and manage declarations
  • A two-part customs procedure code, with a four-digit code combined with one of up to 99 three-digit additional procedure codes (APCs)
  • Requirement for more detailed customs information

Learn more here: HMRC