Trade Compliance News – August 2024
Trade Compliance News – August 2024 UK Joins Groundbreaking Global Digital Trade Agreement The UK has joined a groundbreaking agreement which is designed to grow the economy by boosting global digital trade. After five years of talks, the UK and 90 other countries have finalised the E-Commerce Joint Initiative at the World Trade Organization (WTO). This deal aims to make trade faster, cheaper, fairer, and more secure. It will help British businesses, workers, and consumers take advantage of the global digital trade market, which is worth about £4 trillion and growing, according to the OECD. Once in effect, the agreement will permanently eliminate customs duties on digital content, reduce costs for UK businesses, and protect UK consumers from online fraud. Widespread adoption of digital customs systems, processes, and documents could significantly boost the UK economy. Find out more EU Plans to Scrap Euro 150 Duty-Free Threshold on Imports The European Commission is planning to remove the €150 threshold that currently exempts cheap goods from customs duties. This change aims to address concerns over the increasing influx of low-quality items from Chinese online retailers like Temu and Shein. Last year, 2.3 billion items below the €150 threshold were imported into the EU. The European Commission is considering several measures to address the influx of low-quality goods from Chinese online retailers. One proposal includes removing the €150 threshold that exempts cheap items from customs duties. Another potential change is requiring large platforms to register for VAT payments online, regardless of the item’s value. Since 2021, packages sent to EU consumers have been subject to VAT, but remain duty-free. These options will be presented as part of preparations for the new commission, set to take office later this year. Learn More EU Demands UK Honour Brexit Deals Before a Reset in Relations Brussels has warned the UK that it must fully implement the existing Brexit agreements on EU citizens and Northern Ireland before any talks about improving relations can begin. The Financial Times reports that the European Commission (EC) has issued eight demands for the UK to meet, aiming to prove its genuine commitment to honouring the Brexit deal with the EU. According to the FT, the latest document also raises the commission’s concerns about the UK authorities’ apparent failure to accurately certify all farm produce exported to the EU or to fully deploy a scheme for travel of pets to the EU. It also wants the UK to speed up the implementation of a deal to provide the EU with data on the content of parcels. Read More UK Port Operators Demand Compensation if Post-Brexit Trade Barriers Are Reduced UK port operators have reportedly stated that they should be compensated by the government if it negotiates a deal to reduce trade barriers with the EU. The British Ports Association (BPA) has reportedly warned the Cabinet Office and the Department for Environment, Food and Rural Affairs about significant potential losses. This comes after port operators invested millions in building post-Brexit border control facilities under the Conservative administration. These facilities were erected to enforce strict checks on animal and plant imports.Labour has pledged to negotiate a veterinary deal with the EU to reduce “unnecessary border checks” and limit food price hikes caused by increased costs for importers. This is part of their plan to revisit and potentially ease the trade barriers established after Brexit. Learn More Airbus in Hot Water: UK Probes Potential Export Control Breach Airbus is facing a criminal investigation in Britain into potential violations of export control rules involving several of its British entities, the aerospace group said on Tuesday. The investigation emerged in footnotes to the company’s half-yearly earnings, which said Airbus was fully cooperating with the probe by Britain’s Revenue and Customs agency (HMRC). Read more WCO Global Survey on Disruptive Technologies Despite an impressive 92% of Customs administrations having an IT strategy in place, only 7% have reached the transformational level in technology-supported innovation, according to the WCO Smart Customs Survey July 2024. Learn more Get Your Free Demo Today! Discover the power of iCustoms AI and simplify your export journey. Watch a Demo! 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