EU member states agreed Nov. 16 to their negotiating position on the Anti-Coercion Instrument (ACI), a regulation that would protect the EU from "economic coercion by third countries." ACI "will allow the EU to defend itself better on the global stage through a large variety of response measures," the European Council said. "In this mandate, the Council seeks an enhanced involvement in the decision-making process by conferring implementing powers to itself to determine what constitutes economic coercion," it said. The European Commission would keep its powers in deciding on the EU's response measures, the council said.
The total imports of goods into the U.K., excluding precious metals, dipped by 5% in September, with imports from EU countries dropping by 7.3% and shipments from non-EU countries falling by 3%, the Office for National Statistics reported in its September bulletin. Exports also fell, with total shipments of goods, excluding precious metals, falling by 4.7% and exports to EU countries dropping by 5.1%. The dip in imports from non-EU countries was led mainly by an over $1.5 billion decrease in fuel imports due to falling imports from Norway and dropping oil prices in September, the office said. Without the effect of inflation, the stats office said total imports fell by 6.1% and exports dipped by 4.8%.
The U.K.'s export support service phone line relating to duties on goods from Russia and Belarus has closed, the Department for International Trade said in a Nov. 16 update. The department removed the phone number from the guidance page pertaining to the duties.
U.K. Prime Minister Rishi Sunak won't "sacrifice quality for speed" when carving out a free trade deal with India, he told reporters before meeting with Indian Prime Minister Narendra Modi Nov. 16, Bloomberg reported. British Trade Minister Greg Hands said in October that the two sides had completed most sections of an agreement. The original anticipated end date for negotiations was the Hindu festival of Diwali -- which began Oct. 24. “No doubt we’ll be talking about it again when we meet this week,” Sunak said. “But I wouldn’t sacrifice quality for speed. And that goes for all trade deals. It’s important that we get them right rather than rush them.”
The U.K.'s Office of Financial Sanctions Implementation on Nov. 14 released a blog post and guidance on the Russian oil price cap. The post coincides with the introduction of the maritime services ban and the price cap exception for crude oil. OFSI said that a General License creating the price cap will be released before Dec. 5 and that additional licenses to "ensure international alignment and the smooth operation of the Price Cap will also be published" before Dec. 5.
The U.K. released a General License, titled, "Funds of non-designated third parties involving designated credit or financial institutions." Granted under the U.K.'s Russia sanctions regulations, the license lets an individual use the retail banking services of a designated credit or financial institution if payments made or received are intended for personal use. Payments cannot exceed around $59,500, and the individual making or receiving the payment must report the payment details to the Treasury. The one-year license expires Nov. 10, 2023.
Russia is set to abide by a new deal, brokered by the U.N., allowing Ukrainian grain and other farm products to be exported via the Black Sea, Bloomberg reported Nov. 15. Russia will let the deal renew after it expires Nov. 19, individuals familiar with the situation told Bloomberg, though they didn't specify whether Russia would look to add new conditions in return for the extension. Turkey and the U.N. brokered the original 120-day deal allowing Ukraine to resume its seaborne exports from its ports after Russia's invasion. The new accord would enact a 120-day extension unless one of the parties pulls out or modifies it, Bloomberg said. The U.N. said it will help ensure unimpeded exports of Russian food and fertilizers.
Both the EU and the U.K. added entries to their Iran sanctions regimes over the Iranian government's role in the death of Mahsa Amini and the subsequent crackdown on protests relating to her killing.
U.K. Trade Secretary Kemi Badenoch plans to use her first trip to Washington to promote U.K.-U.S. trade ties, Britain's Department for International Trade said Nov. 14. Badenoch spoke at the Cato Institute Nov. 14, promoting "strong trading alliances to challenge the increasing threat of authoritarian states." Badenoch also will meet with various members of Congress to "make the case for boosting our transatlantic trade relationship even further in the years ahead," the DIT said. She is to join Hillary Clinton, among others, at the Washington Post Global Women's Summit Nov. 15, starting at 9 a.m. EST.
The European Commission last week held a hearing on its 2022 report on the implementation and enforcement of EU trade agreements. The commission uploaded videos of the commission’s presentation of the report and a question and answer session.