UK is preparing to bring existing trade agreements into UK law

by | October 9th, 2017, 16:51:50 | News

Brexit

Details from the two white papers on customs and trade published today

Here’s are the highlights from the Brexit papers published today;

Trade;

  • UK is preparing to bring across into UK law existing trade agreements between EU and non-EU countries
  • Will look to create a new, UK trades remidies investigating authority
  • Aims to ensure that UK can support developing economies by continuing to give them preferential access to UK markets
  • Is taking steps to enable the UK to maintain the benefits fo the WTO’s Government Procurement agreement

International Trade Secretary Dr Liam Fox said:

“We want to build a future trade policy that delivers benefits for the UK’s economy and for businesses, workers and consumers alike.

This paper is the first exciting step and sets out the principles behind an approach which will help British businesses to make the most of trade opportunities, contribute to a growing economy and create prosperity for communities up and down the UK.”

Customs bill;

  • To charge customs duty on good and define how goods will be classified, set and vary the rates of customs duty and any quotas
  • Amend the VAT and excise regimes so that they can function effectively post-exit
  • Set out the rules governing how HMRC will collect and enforce the taxes and duties owed
  • Implement tax-related elements of the UK’s future trade policy

Chancellor of the Exchequer, Philip Hammond said:

“Investment and trade are crucial to the economic future of this country. This White Paper sets out our plan to keep trade with the EU as frictionless as possible, and reaffirms the government’s commitment to deliver a smooth transition.”

I haven’t been through the papers in full yet but the headers on trade, and that the UK is preparing to do a massive copy and paste of trade deals is a positive for the pound. The papers can be found here.

Ryan Littlestone
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