What the UK trade strategy means for your business

What is it?

The Government has published its trade policy which will influence future trade negotiations and how it reacts to trade defence measures taken by other countries. Overall it supports the value of good trading relationships, but acknowledges in a more volatile world, the UK needs to revise its trade defence approach.

The policy will have an impact both on the costs and efficiencies of your global supply chains as well as your requirements in ensuring responsible trade.

What is in it?

You can read the full document here but I’ve picked out the key themes and issues which will impact you and your supply chains below

  • A more agile trade policy. More bespoke, smaller arrangements in trade such as those in the recent US and India trade deals than comprehensive free trade deals.
  • Greater emphasis on responsible business conduct. Greater requirements for UK businesses in the way they operate global supply chains, in terms of environmental and ethical controls.
  • Encourage more trade with developing countries. Extending flexibility in the Developing Countries Trading Scheme (DCTS) to encourage collaboration and cumulation without losing the benefits of zero or reduced tariffs on UK imports.
  • Reducing burden of import controls. Increasing digitalisation and working with other countries to simplify controls. The strategy references the Single Trade Window, an initiative to have a single portal for all import controls, but no detail on how this will be progressed.
  • Greater scrutiny of trade deals. Reacting to criticism of a lack of scrutiny and confirmation of deals by Parliament, the strategy sets out increased time and analysis of new trade proposals.

What is the BRC doing to make the most of the trade strategy?

  • Ensuring new deals deliver in both imports and exports. As a member of the key industry consultative group (DAG) we are in a great position to work with trade officials to influence future deals, including any changes to DCTS.
  • Prioritising action. Focusing on those deals which will make the biggest difference, including pushing progress on SPS control reductions in the revised EU deal and the benefits of more flexibility in DCTS.
  • Delivering effective Responsible Business Conduct. Supporting Government to deliver and effective system which drives better environmental and ethical outcomes from supply chains, including due diligence in human rights. Our Sustainability Community will co-ordinate our work to make a real difference, an overview of our plan is here

What you need to do?

Make sure your trade and logistics experts are part of this Community and your ethical and sustainability experts are working with the Sustainability Community to influence future development of Responsible Business Conduct

Associate Members with expertise in Trade & Logistics