New laws to set out UK and Wales trading future

8 Nov 2017 02:06 PM

UK Government take the next two Brexit Bills to Parliament.

The UK Government took an important step to minimise disruption and offer certainty to Welsh businesses and trading partners taking forward the next two Brexit Bills to Parliament.

The UK Government has been working closely with the Welsh Government at all levels to ensure trade policy works for Wales and that businesses there will continue to benefit from existing trade deals after the UK leaves the EU.

The Bills will look to support Wales’ growing exports to non-EU countries and foreign investment. In the last year alone, foreign investment created over 2,500 jobs from 85 new projects.

Key measures in the Trade Bill include provisions for the UK to implement existing EU trade agreements, ensuring UK companies can continue to access major government contracts in other countries and creating a new trade remedies body to defend UK businesses against unfair and injurious trade practices.

Further tax-related elements of the UK’s trade policy will be legislated in the Treasury’s Customs Bill – Taxation (Cross-border Trade) Bill – as part of the creation of a new UK tariff regime. This includes the trade remedies and unilateral trade preferences which provide preferential trade access to UK markets for developing countries.

Following a recent meeting with the Welsh Government in Cardiff, the International Trade Secretary Dr Liam Fox welcomed the commitments as part of the new legislation to work with the Welsh Government to create trade policies which work for Wales’ businesses and consumers.

Secretary of State for Wales Alun Cairns said:

There has never been a better time for Welsh companies to trade and export overseas and this Bill will provide businesses with stability and certainty to continue doing so.

We now have the opportunity to shape our own ambitious trade and investment opportunities in Europe and beyond, and put Wales and Britain firmly at the forefront of global trade and investment.

International Trade Secretary Dr Liam Fox said:

This Bill will ensure that we support Wales’ extensive global trade, reaching out to growing international markets, with Wales’ increasing global exports, while supporting existing trade partners

We want Wales to trade across the world on a level playing field and this Bill provides that, enabling us to continue our existing trade agreements and manage our own customs for the whole of the UK.

Trade Bill

The Trade Bill laid in Parliament recently will:

Customs Bill

The government also laid resolutions for the Customs Bill, which will enter Parliament shortly. The Bill will allow the government to create a standalone customs regime and amend the VAT and excise regimes including allowing the government to: