October 2016 Credit Management magazine

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www.portfoliocreditcontrol.com oc re o THE CREDIT CONTROL RECRUITMENT SPECIALISTS We know Credit Control and we also understand what makes agood Credit Controller and the correct skills to succeed in this industry. If you are planning to recruit on atemporary or permanent basis please get in touch with the Credit Control recruitment specialists on 0207 650 3199 OR CONTACT US AT recruitment@portfoliocreditcontrol.com We look forward tohearing from you. www. portfoliocreditcontrol.com 28 October 2016 www.cicm.com The recognised standard
TRADE TALK OLD PROBLEMS, NEW TRICKS Lesley Batchelor OBE, Director General of the Institute of Export examines what the rise of protectionism means for British exporters. DESPITE the World Trade Organisation (WTO) framework, which seeks to counter the effect of subsidies, there has been a growing tendency by national governments to use more subtle forms of protectionism that fall outside its scope. Much of this ‘hidden protectionism’ policy takes the form of export promotion or industrial reform. Well known subsidies include Common Agricultural Policy in the EU, cotton subsidies for US farmers, and farm subsidies introduced by countries such as Russia. In 2012, the US Government imposed tariffs of up to 4.7 percent on Chinese manufacturers of solar panel cells, claiming that they benefited from unfair export subsidies. OTHER HIDDEN MEASURES: • Domestic subsidies – government help (state aid) in the form of loan guarantees etc • Investment measures • Migration rules • Export subsidies • Public procurement restrictions • Technical barriers to trade - including product labelling rules and stringent standards such as the US FDA rules where an imported product can be refused entry if it simply ‘appears to violate’ local product standards. In its most recent (August 2016) annual report *1, the London-based Centre for Economic Policy Research’s monitoring service, which defines protectionism as ‘Anything that hurts another country’s commercial interest’ states: ‘Since 2012 the G20 has accelerated its resort to protectionism. In the first eight months of 2016 alone G20 governments implemented nearly 350 measures that harmed foreign interests. The jumps in G20 protectionism in 2015 and 2016 coincide ominously with the halt in the growth of global trade volumes’. While previously it was the BRIC countries who were seen to be the worst offenders when it came to implementing protectionist policies, in the last year Australia, France, Germany, Italy, Saudi Arabia, the UK, and the USA have all shown a marked increase in their use. There seems to be a growing protectionist mood globally where that agenda plays well to domestic electorates, many of whom are still counting the cost of the last financial crisis. In the US, on both sides of the political divide, Donald Trump and Bernie Sanders have argued that American workers will lose as a result of the trade deals Barack Obama has been negotiating. In Europe, the EU is accused of using tax and monopoly investigations as a form of hidden protectionism to discriminate against large US companies, while at the same time turning a blind eye to similar ‘domestic’ cases. Despite the UK government having itself implemented a number of protectionist measures, Britain has a long tradition of championing free trade (and, as we begin our exit from the EU, we are now ready to reestablish our pre-eminence in this sphere). SO WHAT DOES ALL THIS MEAN FOR BRITISH EXPORTERS? • Uneven playing fields – competing against businesses which benefit from governmental investment and policies • Political uncertainty – US/EU/Brexit However, it is easy to overstate the impact of protectionism on world trade as measures tend to be very industry specific. The WTO with its 161 member countries has its work cut out managing each county’s commitments although its remit is to halt PROTECTIONISM IS ALIVE AND WELL IN THE WORLD OF INTERNATIONAL TRADE protectionism in the long-term, short-term, businesses – and by extension, countries – continue to find ways to get around the rules. What can we do? It goes back to the rationale behind starting the Institute in the first place, education. The need for businesses to catch up with a lost generation of skilled exporters is beginning to be an uncomfortable truth for the UK. The world has changed from a naïve place where charming manners or world domination will clinch a sale. As a nation we have forgotten our great exporting history and how we managed and shaped the great organisations like the G20 and WTO. In those days we understood the rules of trade and used that understanding to develop strong trading relationships, thus sustaining activity and profitability for our businesses and the UK. As Einstein told us, ‘First learn the rules of the game; then go out and play it better than everyone else.’ *1 FDI Recovers? - The 20th Global Trade Alert Report; Simon J. Evenett and Johannes Fritz (August 2016). The recognised standard www.cicm.com October 2016 29
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