All cross border (EU) transactions considered for:

Regulatory compliance

Security

Tariffs

Goods

Check goods comply with regulatory requirements in recipient country. May involve certificates, licences, proof of origin etc

Services

Check supplier of services qualified/ registered/ permitted to operate etc.

Combined Goods and Services

Compliance with obligations for both goods and services

Illegal importing (smuggling), illegal immigration, terrorism etc

Checks conducted against national and international databases (subject to access to relevant security information)

Import tax (or potentially tax on international services – although this is unlikely) according to category of goods.

Check appropriate tax has been paid and/or levy tax.

UK GDP dominated by services, however only 39% of exports are services. UK has trade surplus with EU on services; trade deficit on goods. 2/3 UK goods exports go to EU.

A physical border for EU/UK transactions will require both Regulatory Compliance and proof of payment of Tariffs. Goods (and individuals) may be delayed at the border for checks.

Service providers may not be permitted to provide services outside UK (including ‘fly in, fly out’ services, or remote services from UK) depending on sector. Breach may result in local prosecution and/or loss of insurance cover.

New licences, registrations and certificates may be required. UK businesses/ individuals may not be permitted to apply for EU approvals. Mutual recognition may be available in some sectors. EU incorporation of new business may be possible in others.

UK Citizens will not have the automatic right to live or work in the EU and qualifications/ licences may not be recognised. Visa-waiver likely to be required for entry.

A transition period would maintain a single market. The ‘backstop’ or joining the EEA would maintain a customs union with regulatory alignment to avoid border checks.

No deal would allow an independent trade policy. In the medium term it may be possible for the UK to adopt regulations/taxation or independent approaches better aligned to its policy or with a comparative advantage to competitors.

 

 Post Brexit trade

 
 
 
 
 
 
 

 

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