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UK seeks suggestions on tariff policy starting Jan 1, 2021

14
Feb '20
Pic: Shutterstock
Pic: Shutterstock
As part of a new approach, the British government is developing a new UK Most Favoured Nation (MFN) tariff schedule that will enter into force on January 1, 2021. To inform the development of this bespoke tariff regime, a four-week public consultation on the new policy was launched on February 6. Anyone can offer suggestions till March 5.

This bespoke regime, known as the UK Global Tariff, will ensure UK businesses compete on fair terms with the rest of the world whilst benefitting households through greater choice and lower prices.

Ultimately, this will also help to make it easier to trade, drive up investment, and deliver more quality jobs across the United Kingdom, according to an official press release.

Goods coming into the United Kingdom will no longer be subject to the EU’s Common External Tariff as these have been for nearly 50 years, with the UK’s new Global Tariff Policy coming into effect on January 1, 2021, for imports from any country the United Kingdom does not have a free trade agreement with.

This comes as the government sets out details of the UK’s approach to negotiating free trade agreements with countries, including the United States, Australia, New Zealand and Japan.

As part of the consultation, the government is seeking views on simplifying and tailoring the tariff to suit UK businesses and households, such as removing tariffs of less than 2.5 per cent and rounding tariffs down to the nearest 2.5 per cent, 5 per cent or 10 per cent band; removing tariffs on key inputs to production that could reduce costs for UK manufacturers; and removing tariffs where the country has zero or limited domestic production which could help to lower prices for consumers.

In line with the Northern Ireland protocol, special arrangements will apply to goods entering Northern Ireland.

Fibre2Fashion News Desk (DS)


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