A new survey by the Ukrainian Chamber of Commerce and Industry indicates that 30% of businesses have completely closed their activities since early March—while a further 45% are operating at severely reduced levels of output. Trade capacity has also been reduced by an estimated 70%, with key maritime trade routes in the Black Sea unsafe for navigation—limiting the capacity of businesses to generate essential export revenues. Based on current trajectories, direct losses alone could amount to over US$500 billion. In this context, the International Chamber of Commerce calls for immediate action to enable the continued functioning of Ukrainian business and urges the international community to commit to a five-point plan to progressively to the extent possible restore its productive capacity:
1. Remove tariffs and quotas on exports
2. Adopt enhanced trade facilitation measures for ground shipments
3. Boost ground logistics capacity
4. Provide full risk coverage for trade finance
5. Deliver targeted support for Ukrainian farmers
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BILATERAL FREE TRADE AGREEMENT WITH THE UNITED KINGDOM
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On March 24, 2022 the Honourable Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development, and the United Kingdom’s Secretary of State for International Trade, Anne-Marie Trevelyan, announced they will proceed with negotiations toward a comprehensive bilateral free trade agreement.
Minister Ng and Secretary of State Trevelyan agreed to pursue an ambitious agreement, one that is inclusive and sustainable, and that will advance our climate goals, strengthen supply chains and help our businesses thrive by benefitting from digital trade. Minister Ng highlighted that the negotiations are an opportunity to make sure everyone benefits from trade, including women, racialized communities, Indigenous Peoples and other traditionally underrepresented groups.
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BC FORESTRY INDUSTRY TO BENEFIT FROM TRADE OFFICE IN VIETNAM
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A new Forestry Innovation Investment office in Vietnam will help drive trade opportunities and sustainable jobs in BC’s forestry sector while offering greater protection from market volatility and other global challenges. The office is a key first step in developing BC’s Trade Diversification Strategy, part of the Stronger BC Economic Plan. The strategy will allow businesses to connect with more international partners, creating more jobs in BC and helping to protect BC's trade network from supply-chain disruption, market instability and geographically specific trends and changes. “The pandemic and global unrest have shown us the impact these events can have on our economy and trade relationships with global partners,” said Ravi Kahlon, Minister of Jobs, Economic Recovery and Innovation. “By moving away from over-reliance on a single market, we can grow revenue for sustainable BC businesses and jobs and protect British Columbians from global disruptions.”
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JOINT ACTION PLAN TO BENEFIT PEOPLE IN BC & FINLAND
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As BC moves forward with the recently released Mass Timber Action Plan, the Province has signed a significant agreement with Finland to continue collaboration on research, advancement, development and commercialization of the forest bioeconomy and mass timber.
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MANUFACTURING SALES UP THANKS TO INFLATION
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Canadian manufacturing sales rose by 2.5 per cent (m/m) in March. This was slightly higher than Statistics Canada’s flash estimate, which called for a 1.7 per cent increase. After accounting for price effects, manufacturing sales volumes were unchanged compared to February. Nominal sales grew in 16 of the 21 manufacturing subsectors. Sales of petroleum and coal (+9.1 per cent) and primary metal (+6.5 per cent) contributed the most to total nominal growth. Meanwhile, sales of machinery products (–4.9 per cent) saw the sharpest nominal decline. Manufacturing sales grew in all 10 provinces, led by Ontario (+2.4 per cent), Alberta (+4.1 per cent), and Saskatchewan (+11.1 per cent). New orders increased by 1.4 per cent, while unfilled orders grew by 1.7 per cent.
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SURREY BOARD OF TRADE SERVICES
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SURREY INTERNATIONAL TRADE CENTRE DOCUMENTATION SERVICES
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The Surrey International Trade Centre provides certification services for the following documents:
Certificates of Origin
Travel Documentation (Visa Applications)
Letter of Introduction
Certified Representation Agreement
Government Certificates (Letter Only)
Fumigation Certificates (Letter Only)
Certificates of Composition/Analysis (Letter Only)
Letter of Authenticity
Certificate of Export (Vehicle and Auto Parts)
Certificate of Free Sale
For further information, please contact Mirdula Babu at: info@businessinsurrey.ca or call 604.634.0346
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SURREY BOARD OF TRADE UPCOMING EVENTS
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