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BRC supports UK's Brexit negotiation backstop proposal
Jun '18
The British Retail Consortium (BRC) has come out in support of the United Kingdom’s backstop proposals in Brexit talks, saying the substance of the proposal appears to achieve the BRC’s objectives of tariff-free, as frictionless trade as possible, with no new North-South or East-West regulatory or customs barriers, or upfront import value-added tax (VAT) costs.

The British proposal is for the whole of the United Kingdom to remain in the customs union for a limited period after the end of the transition period so that it would leave the European Union (EU) in March 2019 and the single market in December 2020, but stay in the customs union for longer.

The idea is to apply a temporary customs arrangement between the United Kingdom and the EU that would allow the former to sign free trade deals with other countries, but not implement the parts of them relating to tariffs. The backstop will be in place until the future customs arrangement comes into force, probably at the end of December 2021.

“This is positive progress, but there is much more work to do particularly on regulatory issues affecting border controls. Consumers and businesses need more certainty around what the final deal will look like in order to support investment and spending,” BRC policy adviser, Europe and International, William Bain said in a statement.

Fibre2Fashion News Desk – India

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