The new system will be in effect from 1 January 2021.
The British Government has presented an independent customs tariff system based on the most-favoured-nation principles, which will take effect from 1 January 2021 and replace the EU common external tariff. This was announced on Tuesday by the press service of the UK Foreign Trade Department.
Thanks to the innovation London expects to achieve fair competition conditions for British enterprises, to stimulate investment in the country and the emergence of new jobs. It is expected that the new tariff regime will facilitate and reduce the cost of imported goods from abroad, with the calculations with its introduction will be made in pounds sterling.
“For the first time in 50 years we can set our own tariff regime, which is adapted to the UK economy. Our new global tariff will benefit British consumers and households by removing bureaucratic hurdles and reducing the cost of thousands of daily consumer goods. With this unambiguous approach, we support British industry and help businesses to overcome the unprecedented economic challenges posed by the proliferation of the coronavirus” , – said Foreign Secretary Elizabeth Trass.
On January 31, the UK left the EU, ending 47 years of membership in the community. After that, the transition period began, which will last until December 31, 2020. Before that date London and Brussels intend to agree on the terms of further cooperation, first of all a free trade agreement.