UK firms can reach new customers and grow their business using the country’s post-Brexit trade agreements.
That will be the advice given on a free webinar next week by Suzanne Alecrim, a customs and trade specialist at the Institute of Export & International Trade (IOE&IT), and her colleague Henriette Gjaerde, a trade and customs stakeholder relationship specialist.
However, Alecrim and Gjaerde will also warn that firms need to navigate the sometimes-complex rules of these agreements to make use of their benefits.
The most common benefits of trade deals include preferential tariffs, free movement of goods, access to new markets, mutual recognition of standards and professional qualifications, and allowing UK professionals to work in partner countries.
Post-Brexit deals
As of September 2022, the UK has signed trade deals or has agreements in principle with 71 countries, according to the BBC. While many of these rolled over the terms of pre-existing agreements the UK had as a previous member of the EU, the government did secure some new deals including those signed with Australia and New Zealand.
It is also in ongoing negotiations for deals with India, the US, Canada, Mexico, Israel, the Gulf Cooperation Council (GCC), and to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) of 11 Pacific nations.
The UK government has also announced its intention to pursue a digital trade deal with Ukraine.
Encouragement needed
Speaking to the IOE&IT Daily Update ahead of next week’s webinar – which is taking place as part of the Department for International Trade’s (DIT) International Trade Week programme of events – Alecrim said that more can be done to encourage firms to benefit from the UK’s trade deals.
She said:
“The UK has agreements in place with several countries and this was highlighted as one of the key benefits of Brexit. However, with businesses having to grapple with the impacts of Covid and the Russian invasion of Ukraine, more needs to be done to remind firms of the opportunities in overseas markets.
“The UK’s current and future agreements include several benefits that are designed to reduce barriers to trade. The webinar next week will give an overview of these benefits and how firms can make the most of them.”
Sometimes complex
Gjaerde added that trade agreements can sometimes be complex, with firms needing to know how to interpret their rules in order to benefit from them. She explains:
“There are many benefits in trade agreements, but also plenty of rules. For example, to qualify for preferential tariffs goods traders need to understand an agreement’s rules of origin, and these can sometimes be quite complex.
“There is plenty of support out there to help firms navigate these rules and make the most of the UK’s trade agreements – including the free webinar next week, which will introduce some key concepts.
“Investing in training to get a thorough understanding of rules, like those around origin, will also help firms to save money on duties and profit in international markets.”
India next?
The next deal the UK could agree may well be a landmark agreement with India, which historically has been known for adopting protectionist trade deals.
Although the Diwali deadline for the negotiations was missed, it has been reported that Rishi Sunak’s ascension to prime minister could boost the chances of a deal being signed soon. Trade minister Greg Hands said a deal is mostly completed, according to Reuters.
International Trade Week
The IOE&IT webinar on trade agreements is taking place as part of the DIT’s International Trade Week programme of events and seminars.
IOE&IT director general Marco Forgione yesterday urged businesses to get involved, in a video posted on social media. The IOE&IT will be participating in multiple events throughout the week, including the launch of a new report on the UK’s future border systems on Tuesday 1 November.
“If you’re interested in international trade, if you want to look at how your business can exploit the tremendous opportunities that exist overseas, then go to export.org.uk to find information about all the activities taking place during International Trade Week,” he said.
You can sign up to the free webinar, ‘Making the most of the UK’s new free trade agreements’, on Wednesday 2 November here.