The UK has been implementing an independent trade policy against a backdrop of Brexit, Covid-19 and a global trading system under increasing strain. A trade and cooperation agreement has been reached with the EU, most EU trade agreements have been replicated and new agreements have been signed with Australia and New Zealand. Negotiations have commenced with India and the Gulf Cooperation Council and are being progressed with CPTPP members. In addition, the government has sought to identify areas of divergence from the EU which could provide the UK with a strategic advantage, announcing the ‘Edinburgh reforms’, a package of measures intended to improve competitiveness of the UK’s financial sector post-Brexit. Freeports and investment zones are planned, and the customs declaration system for the submission of import declarations will become the primary system for exports come 1 April. All things considered, businesses face an increasingly complex outlook.
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The UK has been implementing an independent trade policy against a backdrop of Brexit, Covid-19 and a global trading system under increasing strain. A trade and cooperation agreement has been reached with the EU, most EU trade agreements have been replicated and new agreements have been signed with Australia and New Zealand. Negotiations have commenced with India and the Gulf Cooperation Council and are being progressed with CPTPP members. In addition, the government has sought to identify areas of divergence from the EU which could provide the UK with a strategic advantage, announcing the ‘Edinburgh reforms’, a package of measures intended to improve competitiveness of the UK’s financial sector post-Brexit. Freeports and investment zones are planned, and the customs declaration system for the submission of import declarations will become the primary system for exports come 1 April. All things considered, businesses face an increasingly complex outlook.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
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