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Stronger-than-expected growth in global trade is being driven by rising demand for imports in Asia and North America, the World Trade Organization (WTO) has revealed.

According to the latest estimates from WTO economists, world merchandise trade volume will grow by 3.6% in 2017 rather than by the 2.4% previously forecast. The WTO also sees a rise of 2.8% in global gross domestic product (GDP).

Those forecasts are more positive than earlier ones, thanks to a sharp increase in global trade growth in the first half of the year. Growth of 3.6% would represent a substantial improvement on the lacklustre 1.3% increase in 2016, the WTO points out.

For 2018, trade growth should moderate to 3.2% (within a range from 1.4% to 4.4%) as global GDP growth remains stable at 2.8%.

The WTO warns, however, that the anticipated recovery could be undermined by a number of risks, including trade policy measures (with the danger that protectionist rhetoric translates into trade-restrictive actions), monetary tightening, geopolitical tensions and financially costly natural disasters.

“The improved outlook for trade is welcome news, but substantial risks that threaten the world economy remain in place and could easily undermine any trade recovery,” WTO Director-General Roberto Azevêdo responded.

During the second quarter (Q2) of 2017, GDP growth accelerated in most major economies, notably China which saw growth from 1.3% in the first quarter (Q1) to 1.7% in Q2.

Chinese demand for imports in the first half of 2017 was driven by growth in industry (up 6.4% in real terms for the year to date) and in services (up 7.7% over the same period).

Growth was also recorded in the USA (up from 1.2% annualised in Q1 to 3.0% in Q3) and in the eurozone (up from 2.2% in Q1 to 2.6% in Q2).

The Chancellor’s Budget could never have satisfied everyone. While the accelerated reduction in Corporation Tax, as well as the continued commitment to deficit reduction, are both reasons for businesses to be cheerful, we are disappointed that action was not taken today to prevent the coming ‘Great Business Rates Robbery’, nor the lack of action to boost investment and employment by SMEs in the real economy.

Here at the Chamber, we can’t help but feel that the Chancellor could have done more to help the small- and medium-sized companies that are at the heart of local economies up and down the UK. Corporation Tax reductions are undeniably positive, but benefit biggest companies the most. Changes to tax rules may help three million companies, but these are the tiniest in the land, with turnover of under £77,000 per annum.

We can be heartened by a number of the Chancellor’s decisions, including commitments to deliver planning reform, to finally getting on with Tax Increment Financing, to incentives for Enterprise Areas in Scotland and Wales, and to devolving decisions on Air Passenger Duty to the Northern Ireland Assembly. Yet I was hoping for more radical steps to support the solid-citizen employers in cities and towns up and down the land who have kept this country afloat during a period of protracted economic uncertainty.

Detailed grid of policy changes and commitments click here

Norwich International Airport and Flybe are currently surveying the route between Norwich and Manchester with the aim of delivering improved air services to better meet your business travel needs from your local airport.

They would also like to hear from you as to what else they could do to further improve the service from Norwich, your local airport. This online questionnaire will take less than 60 seconds to fill in.

Click here to complete the online survey.

In addition, Norwich International Airport would also welcome any views on the Flybe services from Norwich to Edinburgh, Guernsey, or Jersey, or indeed any other aspect of air travel which is relevant to your organisation.

UK importers and exporters can now ship to and from more than 100 ports in over 60 different countries, thanks to additional services being offered by DP World’s London Gateway facility.

DP World says that it has moved to improve trade line reliability between the UK and Australia, New Zealand and the Americas.

The Panama Direct Line service (PAD – also known as North Atlantic South Pacific) is jointly operated by CMA CGM and Marfret.

In addition to offering a direct link between the UK and New Zealand, PAD also gives additional options to shippers moving produce between Northern Europe, the US east coast, the west coast of South America and Australia, DP World explains.

The service started operating from London Gateway on 24 September.

Autumn 2017 will also see the operator Seatrade join the service – at which point, DP World claims, it will become the only direct link between the UK and New Zealand.

CMA CGM and Marfret operate the North Europe French Guiana service (NEFGUI – also known as the South America Service), which started operating from London Gateway on 16 September.

NEFGUI strengthens London Gateway’s links with Central and South America, including the Dominican Republic, Anguilla, French Guiana and North Brazil.

Breaking the news, James Leeson, Head of Port Commercial, DP World London Gateway said: “We’re delighted to facilitate increased reliability for UK shippers importing and exporting to and from these regions.”

The European Commission has launched a package of proposals on trade and investment.

In its Communication A Balanced and Progressive Trade Policy to Harness Globalisation, the Commission focuses on four key issues: new trade deals, foreign direct investment (FDI), resolving investment disputes and the transparency of trade policy.

The EU does not currently have a bilateral free trade agreement (FTA) with either Australia or New Zealand and that, the Commission argues, leaves EU businesses with comparably less favourable conditions to access those two markets.

It therefore recommends that the EU Council should formally authorise the opening of negotiations aimed at securing trade deals with both antipodean countries. The FTAs should, it says, be modelled on recent agreements negotiated with Canada, Vietnam and Singapore.

With reference to FDI, the Commission proposes that a European framework to screen such investment should be established to ensure that it remains a major source of growth in the EU while simultaneously protecting the Union’s essential interests.

A multilateral court for the settlement of investment disputes should also be created, the Commission advises, in order to ensure a more transparent, coherent and fair approach to deal with company complaints under investment protection agreements.

Also on the theme of transparency, the Commission wants an advisory group on EU trade agreements to be set up to help when it comes to obtaining the views of bodies such as employers’ organisations and consumer groups.

In a spirit of openness and transparency, the Commission has said that it will, with immediate effect, publish all its recommendations on negotiating mandates for trade agreements.

Documents will be sent to all national Parliaments as well as being made available to the general public.

To see the Commission’s Communication and associated documentation, visit the EC Trade website.

Labour was a carnival, Conservative… wasn’t. Allan Williams is joined by Orla Hennessy, Ashley Shackleton and Fiona Krasniqi to discuss the fallout from the party conferences, Brexit, and the future leadership of both parties.

Listen now: https://audioboom.com/posts/6370005-bcc-talks-party-conferences