HomePoliticsBrexitSecretary Of International Trade Announces New Post-Brexit Trading Regime

Secretary Of International Trade Announces New Post-Brexit Trading Regime

It is expected that about 60% of UK trading items are set to be exempt from tariff duties, which is about £425bn worth of items under the World Trade Organization permissions.

As a result of the on-going negotiations between EU-UK relations, a positive outcome is set to be introduced this coming January for consumers within the United Kingdom. It was announced this morning that specific trading goods such as household items, i.e.) refrigerator, dish-washers will most likely be stripped of their tariffs.

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International secretary of state Liz Truss has confirmed this information, by stating that “for the first time in 50 years we are able to set our own tariff regime that is tailored to the UK economy”.

All imported items are currently taxed at about 3%, but are due to be scrapped with the exception of UK manufactured cars which are to remain at a 10% tax, and agricultural products in order to avoid an industry pitfall.

Ms Truss also acknowledged the tough transition that the economy is facing with the coronavirus outbreak and assured UK citizens that the new trading regime is set to align with the best interests of consumers.

It is expected that about 60% of UK trading items are set to be exempt from tariff duties, which is about £425bn worth of items under the World Trade Organization permissions.

“With this straightforward approach, we are backing UK industry and helping businesses overcome the unprecedented economic challenges posed by coronavirus,” said Ms Truss.

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Though negotiations between EU-UK relations are a bit stifled due to the coronavirus outbreak and opposing views on how to effectively work with one another, a post-Brexit future seems to be in the works and extremely promising.

By Zinhle Nhlangothi

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