DIT consultation on the UK Global Tariff Policy
With the UK out of the EU, the Department for International Trade has opened a consultation on the UK's new Global Tariff Policy.
The Government is building independent trade policy for the first time in almost fifty years. Part of their approach involves developing a new UK Most Favoured Nation (MFN) tariff schedule, known as the UK Global Tariff. The UK Global Tariff will come into effect on 1 January 2021 and will apply to imports into the UK from any country with which the UK does not have a free trade agreement.
As part of the consultation, DIT is seeking views on:
• Simplifying and tailoring the tariff to suit UK businesses and households, such as removing tariffs of less than 2.5% and rounding tariffs down to the nearest 2.5%, 5% or 10% band;
• Removing tariffs on key inputs to production which could reduce costs for UK manufacturers; and
• Removing tariffs where the UK has zero or limited domestic production which could help to lower prices for consumers.
The consultation can be found here and closes on 5 March 2020. BIVDA will be submitting a response - please contact Jon by 20 February 2020 if you would like to provide input.