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.

This article is a financial promotion and has been prepared and approved by Western Union International Bank GmbH, UK Branch. The information contained within this article does not constitute financial advice or a financial recommendation, is general in nature and has been prepared without taking into account your objectives, financial situation or needs.

Western Union Business Solutions is a business unit of the Western Union Company and provides services in the UK through Western Union’s wholly-owned subsidiary, Western Union International Bank GmbH, UK Branch (WUIB).WUIB (Branch Address:131 Finsbury Pavement, London, EC2A 1NT) is a branch of Western Union International Bank GmbH (registered in Austria, company number FN256184t,VAT Number ATU61347377, with its registered office at The Icon Vienna (Turm 24), Wiedner Gürtel 13, 1100 Vienna, Austria), which is licensed by the Austrian Financial Market Authority (Finanzmarktaufsicht).

WUIB is subject to limited regulation by the UK Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of WUIB’s regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from WUIB on request.

This article has been prepared solely for informational purposes and does not in any way create any binding obligations on either party. Relations between you and WUIB shall be governed by the applicable terms and conditions. No representations, warranties or conditions of any kind, express or implied, are made in this brochure.