New Trading Arrangements with the European Union for U.K. Manufacturers
For manufacturers in the United Kingdom, 2021 will not only concern managing the effects of the ongoing pandemic, but also a more long-lasting challenge—configuring operations to accommodate the impact of the United Kingdom leaving the European Union (EU).
The U.K. government and the EU have now agreed to the terms of the United Kingdom’s exit. For U.K. manufacturers, engagements with firms based in the EU will be subject to the EU–UK Trade and Cooperation Agreement, which falls under the European Union (Future Relationship) Act 2020 that was approved by Members of Parliament and the House of Lords in the final days of 2020.
The new UK Global Tariff (UKGT) replaces the EU’s Common External Tariff. In order to trade with firms in the EU, U.K. manufacturers will need to have an Economic Operator Registration and Identification (EORI) number from the U.K. government, seek advice from Her Majesty's Revenue and Customs (HMRC) department regarding the correct commodity codes to use, and be up to speed on the relevant ce…
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