Global Trade Briefs
Global Trade Brief – October 2021This month’s Global Trade Brief Apparent Violations of the Iranian Transactions and Sanctions Regulations, Customs requirements when making one-time transfer pricing adjustments, Generalised Scheme of Preferences to promote sustainable development in low-income countries and more... Learn More >
Helping you Navigate the Realities of Trade After Brexit
After a long period of negotiations and deliberations, the UK has finally left the European Union in January 2020. This decision to leave the EU is going to have major implications for traders in both these regions. The major issue in front of both parties is related to the impending trade talks. Although the UK is planning to have a free trade deal in place by the end of this year, there are multiple hurdles to be cleared before this goal can be achieved. The political leaders of European countries have already indicated that there is a strong likelihood of tough trade negotiations taking place before any deal is signed.
This uncertainty regarding the future trade agreements between the UK and other European countries could have a major impact on the business operations of traders. At present, the UK is in a transition period which allows traders in the country to conduct their operations as usual. However, this situation could change depending upon the trade agreement negotiations with individual European countries. Traders also need to keep track of aspects such as license management, authorisation, and meeting the country-specific trade control regulations. In order to simplify this process, the UK and European traders can consult external vendors that are providing customised trade solutions.
Take Control of your Compliance Processes
As a dominant player on the global playing field, the job of compliance can be increasingly challenging when dealing with sourcing from various countries where imposing extraterritorial regulations can follow you, such as the likes of ITAR and dual-use US re-export controls, all the way to your commodity’s end destination.
If not managed properly:
- Missed steps can lead to trade privileges being revoked
- Unexpected changes can lead to delays in processing, reduced revenues and lost market share
- Loss of credibility can lead to disruption of invaluable trade relationships