International Trade Tariff Rate Quotas and Subsidy Control Bill updates
The Department for International Trade (DIT) announced on 30th June that it would be continuing with some of the steel safeguard measures which were due to expire on 1st July.
In a written ministerial statement to MPs, Trade Secretary Liz Truss MP continued the tariff rate quotas in respect of 10 of the measures until 2024 and for five of the other nine measures set to expire on 1st July 2021 until next July. Imports outside the quota will face tariffs of 25%.
The Subsidy Control Bill was published on 30th June. This establishes the Subsidy Advice Unit within the Competition and Markets Authority as an oversight body for subsidies, grants and loans granted by public authorities. The Bill contains some exemptions for smaller value subsidies but introduces seven key principles on how subsidies will be viewed, together with extra criteria for environmental and energy subsidies.
The Department for Business, Energy and Industrial Strategy (BEIS) has a live survey on UKCA (UK Conformity Assessed) marking of GB manufactured goods.
The UK has begun its accession process to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) - the 11-country trade agreement focused on Asia-Pacific which amounts to 8% of the UK’s total trade.
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Sources: DIT and BCC