The Trade Bill is being laid in Parliament today and will create powers to assist in the transition of over 40 existing trade agreements between the EU and other countries.

It will enable the UK to become an independent member of the Agreement on Government Procurement (GPA) ensuring UK companies have continued access to £1.3 trillion worth of government contracts and procurement opportunities in 47 countries.

The bill will establish a new independent UK body, the Trade Remedies Authority, to defend UK businesses against unfair trade practices, and will also ensure the government has the legal abilities for gathering and sharing trade information.

Further tax-related elements of the UK’s trade policy will be legislated in the Treasury’s Customs Bill – Taxation (Cross-border Trade) Bill – as part of the creation of a new UK tariff regime. This includes the trade remedies and unilateral trade preferences which provide preferential trade access to UK markets for developing countries.

The customs bill is set to enter Parliament shortly and will allow the government to create a standalone customs regime and amend the VAT and excise regimes.

It will charge and vary customs duty on goods; specify which duties are payable on which goods; and will set preferential or additional duties in certain circumstances – for example, to support developing countries. The bill will also contain provisions to maintain a functioning movement of goods from the day the UK leaves the EU by continuing the VAT and excise regimes in line with the final deal reached in negotiations.

Report by Pat Sweet