Britain is seeking sweeping reductions in tariffs under a trade deal with the United States, Trade Minister Liz Truss said on Thursday (06.02.2020), outlining the broad aims of her post-Brexit campaign to secure new trade deals.
Its plans include starting negotiations on deals with the United States, Japan, Australia and New Zealand in the coming months, along with talks on a deal on its future relationship with the European Union.
"We will conduct a tough negotiation and, as in all negotiations, we will be prepared to withdraw if it is in the national interest.“Truss said in Parliament.
The British minister added that a planned trade deal with the United States “would secure broad, far-reaching and mutually beneficial tariff reductions… that will increase market access for UK businesses, and reduce prices and increase choice for UK consumers".
The UK will not compromise on its high standards on animal welfare and food and the price the National Health Service pays for medicines will not be on the table in trade talks, Truss said.
Thursday, The UK also said it planned to develop a new tariff programme that will come into effect in early 2021 and apply to products from countries around the world where no other trade agreements exist..
In this regard, it has launched a consultation four weeks to help shape its new most-favored-nation tariff regime, which will be known as the UK Global TariffThis could include simplifying tariffs and completely removing tariffs on goods where the UK has no or limited domestic production, he said.
Source: Reuters
As an independent trading nation, we will have a new UK Most Favored Nation (MFN) tariff schedule which will enter into force on 1st January 2021.
The UK Global Tariff will be simpler and suit ?? priorities.
Contribute here?https://t.co/29YENHsJMG
- Liz Truss (@trussliz) February 6, 2020
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
