The End of Britain’s EU Transition Period is Set to Boost Economic Ties with Asia

 ASEAN Briefing, Dec. 11, 2020

The UK’s new global trading regime 

The CET will be replaced by the United Kingdom Global Tariff (UKGT) and trade will proceed on World Trade Organisation (WTO) terms with WTO members that do not have preferential trading agreements with the UK.  The UK will also join the WTO’s Government Procurement Agreement (GPA) as an independent member on January 1, 2021.  Hong Kong, Japan, South Korea, Singapore, and Chinese Taipei are the Asian economies currently party to the GPA...

 

UK’s prospective trade agreements in Asia 

Presently, the UK does not have any trade agreements with China or India.  However, the UK government has repeatedly stressed its interest in entering into trade negotiations with both, and within an early timeframe.  The UK does have a trade agreement with Japan, known as the Comprehensive Economic Partnership Agreement (CEPA).  Signed on October 23, 2020, CEPA is largely based on Japan’s accord with the EU, although it provides about ten additional benefits including new digital and data provisions and broader market access for services....

 

Generalized System of Preferences 

Other preferential trading arrangements include the Generalized Scheme of Preferences (GSP).  The GSP reduces or wholly removes rates of duty on imports from eligible developing countries into the UK. The UK GSP will initially, from January 1, 2021, provide trade preferences to the same countries as the EU GSP.  Under the UK GSP’s “least developed countries framework”, which provides quota-free access and nil rates of import duty on goods, the eligible Asian economies will be Bangladesh, Cambodia, Laos, Myanmar, and Timor-Leste...

 

In full: https://www.aseanbriefing.com/news/the-end-of-britains-eu-transition-period-is-set-to-boost-economic-ties-with-asia/

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