New Trade Bill published

The UK Government has published a new Trade Bill which aims to ensure that the UK has the necessary tools in place to operate its own trade policy once it leaves the EU.  The Bill includes provisions for the UK to implement existing EU trade agreements in order to provide continuity for businesses and consumers, by preserving the non-tariff elements of existing EU trade agreements to which the UK is currently party as an EU Member State.  It also provides for the UK to become an independent member of the Agreement on Government Procurement (GPA) which will continue to give UK businesses access to tenders for government contracts in 47 countries.  A new independent trade remedies body,  the Trade Remedies Authority (TRA), is being created to protect UK businesses from unfair trade practices such as dumping by other countries. The Bill will be complemented by a new Customs Bill, due to be published shortly, which will allow the Government to create a standalone customs regime and amend the VAT and excise regimes.

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