New Commission set up to help UK traders access international markets

LONDON, April 19, 2024 /PRNewswire/ — Some 30,000 UK companies who exported goods in 2021 do not do so today. The Trade Facilitation Commission (TFC) has been established to bolster UK small and medium-sized enterprise (SME) global trade activity, addressing the current challenges where less than 10% of UK SMEs engage in goods exports, a third of GB importers are unsure of their customs duty payments and nearly half have experienced delays at the port.

Despite the potential for growth through international trade and mutual recognition agreements many UK SMEs face barriers ranging from complex regulations to limited resources, hindering their ability to engage in global trade activities effectively.  

“The Trade Facilitation Commission is dedicated to unlocking the potential of UK SMEs in the global market,” said Lord Agnew, Chairman of the TFC.

Robert Hardy co vice-Chairman added “Our initiatives aim to remove barriers, provide support, and equip SMEs with the tools and resources they need to succeed in international trade.”

Through a comprehensive approach, the TFC plans to implement various measures to facilitate trade and support SMEs, including:

• Simplifying trade procedures and reducing bureaucratic hurdles to make global trade more accessible and efficient for SMEs.
• Providing tailored assistance and guidance to SMEs, including access to market intelligence, trade finance, and trade training programs.
• Strengthening partnerships with key stakeholders, including government agencies, industry associations, and trade promotion organisations, to coordinate efforts and maximise impact.
• Leveraging technology to digitise trade processes, improve transparency, and enhance the competitiveness of UK SMEs in the global market.

“By fostering an environment conducive to trade, we not only empower businesses but also drive economic growth and prosperity for the nation as a whole,” said Shanker Singham, co vice-Chairman of TFC.

The launch of these initiatives underscores the TFC’s commitment to fostering a supportive environment for trade and driving inclusive economic growth. By empowering UK SMEs to expand their presence in global markets, the Commission aims to unlock new opportunities, drive innovation, and propel the nation towards greater prosperity.

Website: www.facilitation.trade

About Trade Facilitation Commission

The Trade Facilitation Commission (TFC) is dedicated to promoting trade facilitation and supporting SMEs in the UK. With a focus on reducing trade barriers, enhancing competitiveness, and fostering economic growth, the TFC works closely with stakeholders to streamline trade processes and empower businesses to seize global opportunities. Through advocacy, policy initiatives, and capacity-building efforts, the Commission aims to create an enabling environment for trade and drive sustainable development across the UK.

About the Commissioners

LORD AGNEW – CHAIRMAN

Former Minister of State at the Cabinet Office (2020-2022) responsible for border readiness related to UK’s exit from the European Union.

ROBERT HARDY – CO VICE CHAIRMAN

Founder and CEO of the EORI Group of companies, specialising in simplified customs processes.  AIBF UK-Irish Business Person of the Year 2023.

SHANKER SINGHAM – CO VICE CHAIRMAN

One of the World’s leading experts on international trade, competition and regulatory reform.  Co-Chair of the Growth Commission.

LARS KARLSSON

Global Head of Trade and Customs at Maersk.  Former Director of World Customs Organisation and Director General of Swedish customs.

TONY SMITH CBE 

Former Director General of UK Border Force and Director of Borders Canada.  Awarded a CBE for vital role in delivering 2012 London Olympics. Chairman of IBMATA (Int Border Management and Technologies Association)

KEVIN FRANKLIN

Former Director of Customs Transformation at HMRC. Associate of the Cabinet Office infrastructure and projects authority.

FRANK DUNSMUIR

Leads the Digital Transformation team at IOE&IT, projects include Kenyan Single Trade Window, UK EcoSystem of Trust, Freeports as well as projects working with Europoort in the Netherlands

KEVIN SHAKESPEARE

Director of Strategic Projects and International Development at IOE&IT (Institute of Export and International Trade).  Dean of the UK Customs Academy.

CHRIS SALMON

Former senior advisor to Michael Gove MP on Brexit Border Readiness.  Co-Founder of clearBorder a firm specialising in trade training.

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SINGAPORE, April 19, 2024 /PRNewswire/ — Yinson Production Offshore Pte. Ltd. (“Yinson Production”) is pleased to announce the successful placement of a USD 500 million senior secured bond issue with a 5-year tenor and a fixed coupon of 9.625% per annum in the Nordic bond market.

This bond issue marks the debut of Yinson Production in the international capital markets. The net proceeds from the bond issue will be used to refinance Yinson Production’s existing corporate loan and for general corporate purposes. An application will be made for the bond to be listed on Oslo Børs in due course.

DNB Markets and Pareto Securities acted as Joint Bookrunners and ABG Sundal Collier acted as Joint Lead Manager in connection with the bond issue.

Commenting on the successful placement of the bond issue, Markus Wenker, Chief Financial Officer of Yinson Production, said, “With this inaugural bond issue in the Nordic bond market, we have successfully expanded our financing toolkit and further broadened Yinson Production’s funding base in an ever-changing financial markets landscape. The bond issue received significant interest from the investor community and was substantially oversubscribed, reflecting the compelling investment proposition underpinned by our long-term contracts and highly visible cash flows as well as the attractive FPSO market environment.”

About Yinson Production

“Passionately delivering powerful solutions”

Yinson Production is a leading independent owner and operator of floating storage, production and offloading (“FPSO”) vessels worldwide. With a fleet of 9 vessels, we have an orderbook of over USD 22 bn until 2048 and global presence in 10 countries. 

Our position as a top tier FPSO contractor is driven by our excellent track record in project execution, industry-leading safety and uptime performance, and a leadership position in sustainable FPSO designs. Our innovative Zero Emissions FPSO Concept is paving the way for the decarbonisation of the FPSO industry.  

We are a business of Yinson Holdings Berhad, a global energy infrastructure and technology company active in offshore energy with Yinson Production, renewable energy with Yinson Renewables, green technologies with Yinson GreenTech, sustainable investment and asset management with Farosson, and offshore marine with Regulus Offshore. 

For more information about us, please visit www.yinson.com/offshore-production.

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