After more than 9 months of difficult games, on December 24, local time, Britain and the European Union formally reached a Brexit trade agreement. The 1246-page deal shows how intense the seesaw is, but better than an unagreed "hard Brexit ". Green Terminal Block, Pcb Connectors and Amber Reflectors Field need get attention.
British Prime Minister Johnson said the British Parliament on the draft trade agreement with the European Union will be voted on December 30.
The trade agreement ended
On December 26, the UK released a 1246-page text of the Brexit trade agreement with the EU, which includes, in addition to trade documents, agreements on nuclear energy, the exchange of confidential information, civil nuclear energy, and a series of joint statements.
Called the draft EU-UK Trade and Cooperation Agreement (Draft EU-UK Trade and Cooperation Agreement), the text means that after Britain leaves the EU single market, there will be no between the two sides will not be subject to tariffs or quota problems. The European Commission said the trade agreement between the EU and the UK would be zero tariff and zero quota.
The text includes many detailed annexes, including provisions on origin, fish, wine trade, pharmaceuticals, chemicals and safety data cooperation.
Britain has signed a free trade agreement
When Britain is a member of the European Union, it automatically participates in 40 trade agreements with more than 70 countries or regions. After Brexit, Britain can negotiate a continuation of these agreements. Any existing EU trade agreement will no longer apply to Britain after December 31, and Britain will trade in accordance with WTO rules if it does not reach a bilateral agreement with these countries or regions.
According to the British government website ,29 agreements covering 58 countries or regions have been renewed and will take effect on January 1 or the first half of 2021. Another 10 countries or regions are under negotiation, but the vast majority of important completed.
In Asia, 23 October, Britain and Japan officially signed a bilateral free trade agreement, This is the first major trade agreement signed by Britain after Brexit. Britain says, The agreement would exempt 99% of its exports to Japan, Britain's long-term trade with Japan will increase by 15.2 billion pounds ($19.9 billion). The agreement will also enable Britain to gradually eliminate Japanese auto tariffs, Japan's auto tariffs will be zero by 2026. This provision is identical to the agreement in the Japan-EU Trade Agreement. Britain hopes to formally apply for membership in the 11-member CPTPP, early in 2021 Japan welcomes, and will provide necessary support to the UK.
10 December, A free trade agreement between Britain and Singapore, And agreed to launch next year ," UK-Singapore Digital Economy Agreement "negotiations. Under the agreement, Companies in Singapore and the UK will receive the same preferential treatment as the EU-Singapore Free Trade Agreement (EUSFTA. This includes duty-free access to trade in goods, easier access to their respective services and to the government procurement market, And reducing non-tariff barriers in electronics, automotive and related parts, pharmaceutical products and medical equipment and renewable energy. After the UK - Singapore FTA came into force, Britain will exempt 84% of Singapore's imports, The remaining 16 per cent is expected to be waived on 21 November 2024. Singapore will maintain the current British products exported to Singapore zero tariff treatment.
11 December, A free trade agreement between Britain and Vietnam, As mutually agreed, For the next seven years (2027), Between the two countries will gradually reduce the cost of imports of 99% of goods. When the agreement is fully implemented, Vietnam will receive £114 million ($151 million) in export tariff relief. Britain will save 36 million pounds on its exports.
Britain's latest FTA is with Canada. Canadian Deputy Prime Minister Freeland announced on December 22 local time that Canada and the United Kingdom have signed a temporary agreement to avoid the British "hard Brexit" caused by tariff issues. The agreement basically follows the contents of Canada's trade agreement with the European Union, effective January 1,2021. Once the two countries negotiate a new trade agreement, the interim agreement will be annulled.
New Year's Day Trade Alert
China became the UK's largest source of imports for the first time in the second quarter, according to data released on the official website of the National Bureau of Statistics (ONS) today. For the first time in the second quarter, the UK imported more goods from China than all other trading countries, ONS said. In the second quarter, the UK's share of imports from China rose from 8.6 percent in the first quarter to 13.4 percent in the second quarter, with imports reaching 11 billion pounds, one out of every seven British imports coming from China.
In the first half of this year, more than a quarter of British electronics and machinery imports came from China. In the UK imports from China, the proportion of electronic products, audio equipment and office equipment is also high, more than 30 percent. The trend is also largely consistent with previous data. ONS historical statistics show that in 2019, electronic equipment, communication equipment, office machinery equipment, clothing, furniture and so on are the main product categories imported from China by the United Kingdom.
As mentioned above, countries or regions that do not have a bilateral agreement with the UK will trade according to WTO rules after January 1 next year.
The first test for Chinese exporters comes from certification.
Britain will officially use the British conformity Assessment (UKCA) certification mark from January 1,2021. UKCA logo is a new uk product logo that will be used for products sold in the uk (england, wales and scotland) market, which covers most of the goods that used to require CE logo. UKCA logo does not apply to goods sold on the Northern Ireland market.
The implementation of the British UKCA logo, the original need for CE certification of products exported to the European Union and the United Kingdom will require CE and UKCA certification, which may have a significant impact on the cost of enterprise products, need to be highly concerned.
In addition, it should be noted that under the original European Union unified customs system, goods entering and leaving the European Union do not require repeated customs clearance and tax procedures. After Brexit, Britain and the European Union will be an independent customs operation system, and the customs clearance of goods through both sides will be much more complicated than before.
Shipping company ONE has issued a notice on Brexit related security declaration notes: all imports and exports to the United Kingdom, transit through the United Kingdom, ENS must be sent. Goods on board in the UK, ENS must be sent 48 hours before the ship. Moreover, the UK Customs has established a safety and security (S&S) platform for receiving ENS information. From January 1,2021, the British Customs will continue to require a ENS statement of all goods from outside the European Union for unloading and transhipment at British ports. From July 1,2021, goods from within the EU to the United Kingdom (except Northern Ireland) need to be enforced ENS statement.
Please also pay attention to cross-border e-commerce, in European countries where there are economic activities, especially import and export business enterprises, a necessary EORI registration number (economic operator registration and identification number- Economic Operators Registration and Identification). Once the UK is officially out of Europe, the EORI number at the beginning of the UK GB will expire in the EU. If you want to be in the UK EU market, you need a EORI number and a EORI number of the EU, a total of two EORI numbers.
The British Customs announced that the tax reform of British imported goods will begin on January 1,2021. Specific requirements are:
VAT is payable for all imports whose declared value is less than ￡135(VAT). A new tax law removes the original tax exemption for the import of small goods, that is, goods with a declared value of no more than ￡15, and now also need to pay value-added tax at a tax rate of 20.
When all goods imported into the UK are enterprises, the recipient's economic operator registration identification number (EORI number) and VAT number (VAT number) are required. The EU EORI number will no longer apply to UK import and export business.
If the recipient is an e-commerce platform (OMPs), the e-commerce platform will be responsible for the collection and accounting of VAT. VAT on imported goods that have been sold directly to British consumers in the UK will continue to be accounted for by overseas sellers without the participation of e-commerce platforms (OMP); For goods shipped overseas and sold directly to British recipients without the participation of e-commerce platforms (OMP), overseas sellers will be required to register economic operators with identification numbers (EORI number) and VAT numbers (VAT number) and pay VAT to the British Customs (HMRC). If a commercial customer has a VAT registration in the UK and a valid VAT registration number is provided to the seller, the VAT will be accounted for through the customer's reverse charge.
The new tax law does not apply to non-commercial transactions involving excise duty goods (cigarettes, alcohol) or private individuals, which apply existing rules, the details of which are as shown by the British Customs.
Post time: Jan-04-2021