UK agrees historic trade deal with Australia
The UK has secured a trade deal with Australia eliminating tariffs on all UK goods and boosting jobs and businesses across the country, in the first major trade deal negotiated from scratch by the Government since we left the EU.
You can view the article on the Gov.uk website here.
William Bain, Head of Trade Policy at the British Chambers of Commerce, commented: “Businesses will welcome this Agreement in Principle as a step forward. However, there is a long way to go before the signing and implementation of a free trade deal. It should also be pointed out that trade with Australia represents only around 1.2 per cent of the UK’s total, so whilst a deal will have welcome benefits it will not offset the ongoing issues with trade to the European Union.
“This agreement opens the door to a free trade agreement in force next year with lower tariffs, modern rules of origin for certain manufactured goods, customs facilitation measures, mutual recognition of qualifications, a labour mobility scheme, and stronger market access for services between the UK and Australia.
“Businesses remained concerned about the lack of opportunities to properly scrutinise trade deals including this one. There needs to be more in-depth industry consultation, particularly in sectors considered sensitive, to better analyse UK’s offensive and defensive strategic interests and the impact on other agreements.
“Ultimately it is businesses not governments that trade, and this deal with Australia needs to be complemented by providing practical, on the ground, support to help firms maximise the new opportunities the agreement will bring.
“We urge the government to engage closely with businesses over the coming months on how to get the most value out of the final agreement. Chambers of Commerce stand ready to work with government to ensure that the benefits of this agreement are felt by firms as widely as possible.”
A fantastic new tool has been released by HMRC on the gov.uk UK Global Online Tariff site. The site now has a Duty Calculator, which allows you to input invoice value, freight and insurance costs and the country you are trading with. It will then look at the commodity code you have entered, and calculate the duty rate payable on your goods. This will enable importers to look in advance at the figures they are likely to incur on duty before they make the final quotation to their customers, meaning that they are able to build these costs into their business plan with the customer.
It is important to ensure that you are looking at the commodity code for your goods in full, ensuring that there are no additional charges or special requirements for your goods, such as Anti-Dumping Duties, Licences, or other documentation listed within the tariff. When you reach the commodity code for your goods you will see details of the import and export tariffs in the overview tab, along with the new calculator function.
Access the calculator here.
TRAINING COURSE: Understanding Rules of Origin
Tuesday 22 June, 10.00am-2.30pm
This course will explain all aspects of the Rules of Origin and Trade Agreements and how to understand and comply with them to help companies be more competitive in export markets.
Cost: £280.00 (plus VAT) Chamber members, £375.00 (plus VAT) non-Chamber members.
Click here for more details and to register.