ESWATINI TO SHAPE UK’S FUTURE TARIFF POLICY

MBABANE – After leaving the European Union (EU) on January 31, the United Kingdom (UK) now has the opportunity to develop an independent trade policy with the country.

In the past week, government had assured the business community that trade between Eswatini and the UK still remained intact and any benefits that were accrued before the latter ceased to be part of the EU still applied.
For the first time in almost 50 years, the UK will be able to set its own tariff rates on imported goods. This is per a statement from the British High Commission which was released on Friday.

“As part of its new approach, the UK Government is developing a new UK Most Favoured Nation (MFN) tariff schedule, which will enter into force on January 1, 2021.

“This will be a bespoke regime known as the UK Global Tariff (UKGT). It will be designed specifically for the UK economy and will replace the EU’s Common External Tariff, which is currently applied on imports into the UK,” reads the statement in part.

Commitments

In designing this new tariff schedule, according to the statement, the UK Government will ensure that the UK’s position continues to uphold the commitments and values of the World Trade Organisation (WTO) where the UK will be a campaigner for and champion of global free trade.

“The new UK Global Tariff will apply to goods imported into the UK on and after January 1, 2021 unless an exception such as a preferential arrangement or tariff suspension applies. In particular, this tariff will not apply to goods coming from developing countries that benefit under the Generalised System of Preferences, or to goods originating from countries with which the UK has negotiated a Free Trade Agreement,” reads the statement.

To inform the development of this bespoke tariff regime, the UK Government has launched a public consultation on the UK Global Tariff policy, and encourages everyone with an interest to take part and provide their views.

“This consultation is a chance for Eswatini to have a say on the UK’s future tariff policy. The UK Government wants to use this consultation, which closes at 11:59 GMT on March 5, 2020, to get the views of the general public, businesses and civil society in shaping the UK’s future trade policy,” reads the statement.

Survey

Contributions can be made through accessing the online survey at www.gov.uk/government/consultations/the-uk-global-tariff.
Respondents are encouraged to provide clear examples to support their view, in particular the likely impact (costs and benefits) on business, consumers and the economy of amending or not amending the tariff.

Post your comment

Your name:

Your e-mail address:

Add your comments:

Please enter the code you see in the image:

Image:

Code: