Today, the UK government is publishing its long-awaited Industrial Strategy, which you can read our initial report about here. Make sure to read tomorrow’s Daily Update to gain insights and analysis from our team of trade policy and customs experts.
There are also a host of other trade events coming up this week – not least those planned as part of E-Commerce Exports Week.
There is also a high-profile trade meeting between the EU and Canada, while the NATO summit in the Netherlands takes place against a backdrop of escalating tensions in the Middle East following the US strike on Iran, which is fuelling fears over an oil price shock.
E-Commerce Exports Week
This week is E-Commerce Exports Week 2025 and the Chartered Institute of Export & International Trade is holding a webinar tomorrow (24 June) to celebrate the campaign.
The free session on ‘Overcoming barriers to online trade’ will give attendees practical advice on how to manage non-tariff barriers to online trade, as well as new tariffs imposed by the US. Chartered Institute experts and guests will explore what support exists for SMEs to begin exporting, as well as how the government might be able to facilitate trade further in the future.
E-Commerce Exports Week is being run by the Chartered Institute-chaired E-Commerce Trade Commission. Other events this week include an exploration of the opportunities for women-led businesses in trade and a look at B2B e-commerce.
Landmark report
One of the major milestones of the campaign will be the launch of the E-Commerce Trade Commission’s final policy paper at an event being hosted at the ICAEW’s Chartered Accountants’ Hall in London tomorrow.
The report promises insights for businesses navigating international e-commerce, as well as practical recommendations for government and industry – the Daily Update will have all the details later this week.
Elsewhere, the World Trade Organization (WTO) will also have an announcement for SMEs this week too, as it declares the winners of its Small Business Champions programme with UN Trade and Development (UNCTAD) and the International Chambers of Commerce (ICC). You’ll be able to watch that announcement on Friday.
Political summits
This is set to be another week of key meetings, as the EU and Canada converge for trade talks in Brussels today.
Canadian prime minister Mark Carney will meet with António Costa, European Council president, and Ursula von der Leyen, European Commission president, in hopes of boosting cooperation across briefs both economic and strategic. As well as trade itself, the European Commission says the discussions will address “economic security, energy, crisis management and justice and home affairs” in what it calls a “rapidly changing geopolitical and economic context”.
Both country and bloc are expected to “confirm their commitment to multilateralism and the rules-based international order”, the European Commission adds, suggesting a rejection of the tariff agenda being pushed by the current US administration. “Increasing pressure on Russia” is also cited as an aim of the talks, with the potential for new sanctions measures to be mooted.
This week will also feature this year’s NATO summit at The Hague in the Netherlands, where member nations are likely to be aiming to reassure US president Donald Trump about their commitments to defence spending. The UK, for its part, recently committed to reaching spending of 5% of GDP for defence and related infrastructure by 2035.
Oil fears
The turmoil in the Middle East took a fresh turn as the US mounted strikes on Iranian nuclear facilities over the weekend, and this could have major implications for shipping and commodities.
Oil is in particular focus this morning, with the price of Brent crude reaching its highest point since January this year over supply fears. Iran is the third largest oil producer in the OPEC cartel. Reuters reports that the price has already risen by 13% since open conflict began between Israel and Iran on 13 June, while WTI crude oil has increased by 10%.
The Guardian, meanwhile, notes that Iran’s parliament has voted to close the Strait of Hormuz, the gateway to the Persian Gulf, through which 20% of the world’s oil currently passes. This decision still requires the sign-off of Iran’s security services.
This could threaten supply passing from the entire Gulf region, including from countries like the UAE and Qatar. It could also compound the effects of the Red Sea shipping crisis, which could reignite after Yemen’s Houthi rebels vowed retaliation on US ships in the region.
Other dates for the diary
Monday: Flash UK PMI
Tuesday: UK trade secretary Jonathan Reynolds to speak at SMMT car summit
Wednesday: Committee on Climate Change Progress Report 2025 published
Thursday: British Chambers of Commerce (BCC) annual conference
Friday: Glastonbury Festival begins
Saturday: Armed Forces Day in the UK
Sunday: Organization for Security and Co-operation in Europe (OSCE) meeting
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