The UK Government has indicated its intention to secure the benefits of existing EU trade agreements with other countries. However, businesses may need to consider a scenario where the terms were to change and preferential trade terms are no longer available.
Your business should consider
- Do you import or export using lower duty rates (‘preferences’) provided by the EU’s existing trade agreements?
- How might changes to, or the ending of, these preferential rates impact you?
- If you are supplying to a partner in the EU who is exporting to a third country with which there is an agreement, please be aware that EU firms have been encouraged to look for EU-only (not UK) content to be able to benefit from lower tariff rates. Consider if there is any way for you to mitigate this.