The UK Government has indicated its intention to secure the benefits of existing EU trade agreements with other countries. However, businesses may need to consider a scenario where the terms were to change and preferential trade terms are no longer available.
Your business should consider
Do you import or export using lower duty rates (‘preferences’) provided by the EU’s existing trade agreements?
How might changes to, or the ending of, these preferential rates impact you?
If you are supplying to a partner in the EU who is exporting to a third country with which there is an agreement, please be aware that EU firms have been encouraged to look for EU-only (not UK) content to be able to benefit from lower tariff rates. Consider if there is any way for you to mitigate this.