Mar 16, 2020 | Business Finance
Trade negotiations and developments within the Maritime Industry
With the UK Maritime sector currently worth approximately £40 billion a year, it is no surprise that trade talks have arisen between the UK and USA. Specifically, the Liverpool City Region currently accounts for £4 billion of that total and is recognised as one of the most successful maritime areas within Europe.
To further understand the importance of the UK Maritime industry, on the 5th March 2020, Western Union Business Solutions attended the UK-USA Nations Forum with our partners Mersey Maritime, in addition to government officials, Maritime UK and various other businesses. The event was fortunate enough to take place on the HMS Prince of Wales and allowed us to discuss the important topics of furthering a UK-USA free trade agreement, as well as the road to COP 26 and how the maritime industry can reduce carbon emissions as the country moves towards the goal of net zero.
Mersey Maritime’s Chief Executive Officer, Chris Shirling-Rooke, took the leading role in the forum aboard HMS Prince of Wales, berthed in Liverpool at the time.
Mr Shirling-Rooke said: “The timing of the latest forum could not be more important. With trade talks between the US and the UK set to begin, the Department for Transport has tasked us with formulating the UK maritime sector’s contribution to those negotiations.
The forum celebrated the strength of UK-US relations and explored further areas for collaboration, specifically covering developments in each respective national maritime sector. There were discussions around key areas for negotiation in a future UK-US free trade agreement and what opportunities exist for enhanced collaboration and best practice sharing.
Our place at the centre of this process is a further sign of the Liverpool City Region’s growing influence on the UK’s maritime sector and on Government trade policy. Liverpool is re-establishing its position as one of the world’s leading maritime clusters.”
With these being the main topics of conversation, it was important for us as experts in cross-border payments and FX risk management to be there to support and provide insight from the financial side of these discussions. With Nawaz Ali, Head of Insight, Rebecca Hopkinson, Senior Business Development Manager and Howard Young, Global Head of Channel Partners in attendance, Western Union Business Solutions were able to provide crucial insight into the economic outlook, as well as valuable data from our Barometer Report.
To view our latest currency updates or our Barometer report please click the links below.
Overall, the event proved to be rather insightful and helped us gain further understanding of where the Maritime Industry stands, especially post-Brexit. The future of international trading will be of great importance in the upcoming months alongside environmental regulations as the UK will be forced to make crucial decisions in regards to trade deals and environmental impact.
Thanks to our partners Mersey Maritime for hosting such an informative event. We can’t wait to continue supporting the future of cross-border payments and international trade within the Maritime Industry.
To view updates and the current economic outlook sign up to our Daily Market Analysis or our Monthly Currency Outlook, click here.
Additionally, to see the valuable data insights we gained from our Barometer report click here.
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