The Institute of Export & International Trade has issued a report highlighting the volume of regulatory change facing UK traders over the next 18 months and called for support for businesses through this turbulent period.
The report – The Border Target Operating Model and Beyond: Navigating changes to trade rules in the UK – details over 20 major policy updates that will impact British firms trading internationally between now and the end of 2024.
This makes the period potentially even busier and more critical for businesses that trade internationally than 2021, when the EU began applying full customs requirements and checks on UK post-Brexit exports.
Last month the government announced its plans for the new approach to importing goods into the UK via the Border Target Operating Model (BTOM), which will be introduced in phases starting in January 2024, and will affect border procedures for imports of food, animal and plant products.
But analysis finds BTOM to be just the beginning, with a further 23 major legislative and policy changes set to affect businesses directly or indirectly, through supply chains and delivery partners.
Other changes over coming months include the fifth release of the New Computerised Transit System (NCTS5), the rollout of the Electronic Trade Documents Act, the EU Import Control System 2, and multiple updates to documentation, risk-based checks and health certification checks on specific products.
With specific requirements and levels of understanding needed for each change, the time and support needed to implement these changes will be substantial, though once implemented, the potential benefits will be vast.
The UK’s international trade community is at the launchpad of great change, but such a number of new measures in so short a period is almost unheard of and while it presents an opportunity to reap the benefits of new trade deals and partnerships, businesses and policymakers will need to be pulling together in the same direction.
From cutting red tape to new digital borders, these changes are a cause for excitement, but with so much change, there is going to be some apprehension among business owners.
Businesses trading into or out of the UK face a period of intense regulatory change, with a wave of new rules coming into force and it is essential they stay ahead of these developments and keep up to date with the new rules.
They need to know what’s changing and when and they need to understand how it may affect their processes.
The next 18 months will see the introduction of the UK’s new Border Target Operating Model, a new IT platform for transit users, the migration to the new Customs Declaration Service for exporters and new customs rules from the EU, among other changes.
To learn more about impending changes and how you can prepared, please EMAIL Andy Fitchett, Metro’s Head of Brokerage and Customs Compliance.