In 2021 the UK signed the Trade and Cooperation Agreement (TCA), the UK’s largest Free Trade Agreement (FTA) covering £556bn worth of trade.
What should businesses consider post-Brexit?
Brexit hugely impacted the trading relationship between Great Britain and the EU. The simplicity of trade pre-Brexit with the Customs Union and Single Market, gave Great Britain a degree of access that a trade deal couldn’t replicate. However, trade with the EU remains incredibly important as the region continues to be the UK's largest trading partner, accounting for 41% of UK exports and 52% of imports in 2023. Understanding how to make the most of the trade agreement is therefore critical for businesses in Great Britain.
We spoke with Department for Business and Trade experts regarding the deal – and here is the summary of how the UK-EU TCA works:
Could this trade deal benefit your business?
If you are looking to do any of the following, this trade deal could benefit your business:
- Sell goods or supply services to the EU
- Buy goods or receive services from the EU
- Move goods through the EU
- Use EU materials and goods to manufacture
Understand the Rules of Origin
To export goods to the EU, or import to Great Britain, British businesses must of course comply with Customs procedures. You can import and export goods tariff and quota free, provided the goods meet the ‘Rules of Origin’ as stated in the UK-EU TCA.
The Rules of Origin are an essential element of the UK-EU TCA. They determine in which country a product was sourced or made and help to ensure that customs authorities apply lower duties correctly so that businesses benefit from them. Rules of Origin allow importers in both territories to take advantage of the preferential duty rates for goods obtained or manufactured in the UK or the EU, or a combination of both. If your goods meet the criteria, they can benefit from a 0% import duty when they are sent to EU countries.
There are three pathways for determining whether your products meet the Rules of Origin criteria under this deal. The products may be:
- Wholly obtained in the EU or UK
- Produced in the EU or UK exclusively from products originating from these locations, or
- Produced in the EU or UK incorporating non-originating materials and meeting the Product Specific Rules of Origin
For more information on how to know if your product will qualify for zero tariffs under this deal, download our free guide below.
Watch our webinar and receive the practical guide
We have a simplified guide available that breaks down the requirements of the UK-EU TCA into practical steps to help you meet customs requirements.
You can also review our EU Trade webinar where industry and Government experts revisited the UK-EU Trade and Cooperation Agreement 18 months on. Our panel of speakers discussed how businesses can use the trade deal to access opportunities with some of our closest neighbouring countries.
Fill out the form below to receive a link to watch the full webinar, and gain access to our guide.
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