The Trade Bill will work together with the Taxation (Cross-border Trade) Act 2018 to put in place legal powers which are necessary in order to operate a fully functioning trade policy and set the groundwork to becoming an independent global trading nation. This will ensure the UK is ready for the first day after exiting the EU, providing necessary certainty for individuals, businesses, and international trading partners.
The Trade Bill focuses on providing continuity for businesses and consumers. It will:
create powers so the UK can transition trade agreements that exist between the EU and other countries, and which we are party to while a member of the EU
enable the UK to have continued access to £1.3 trillion worth of government contracts and procurement opportunities in 47 countries – by creating the powers needed for the UK to implement the Agreement on Government Procurement (GPA) as an independent member instead of as part of the EU
establish a new independent UK body, the Trade Remedies Authority, to defend UK businesses against unfair trade practices
ensure the UK government has the legal abilities for gathering and sharing trade information, as evidence to support UK businesses against surges in imports and unfair practices
Further tax-related elements of the UK’s trade policy have been legislated for in the Taxation (Cross-border Trade) Act 2018, as part of the creation of a new UK tariff regime.