New year, new rules, but what does the free trade deal between the UK and EU mean and what do the new rules mean for your business?
The United Kingdom and the European Union have agreed to a 100% tariff. This means there will be no tariffs or quotas on the movement of goods we produce between the UK and the EU. This is the first time the EU has agreed a zero tariff zero quota deal with any other trading partner
The aim of any free trade deal is essentially to encourage trade by making it cheaper. This is often achieved by reducing or eliminating tariffs (taxes or charges by governments for trading goods across borders). Trade agreements also strive to remove any limits set on the number of goods that can be traded. Trade between countries can be made simpler if everyone plays by the same rules, that way the less likely it will be that goods need to be checked. After Brexit happened, it was important that the UK decided and agreed on the rules for our future trading relationship with our largest and closest trading partner, the EU, to ensure no tariffs or quotas would be introduced. Without a deal, some goods would have become more expensive.
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