6 July 2021
- The Department for International Trade (DIT) announced on Wednesday night they would be continuing with some of the steel safeguard measures which were due to expire on Thursday. In a written ministerial statement to MPs, Trade Secretary Liz Truss MP continued the tariff rate quotas in respect of 10 of the measures until 2024 and for five of the other nine measures set to expire today until next July. Imports outside the quota will face tariffs of 25%.
- The Subsidy Control Bill was published on Wednesday. This establishes the Subsidy Advice Unit within the Competition and Markets Authority as an oversight body for subsidies, grants and loans granted by public authorities. The Bill contains some exemptions for smaller value subsidies, but introduces seven key principles on how subsidies will be viewed, together with extra criteria for environmental and energy subsidies.
- The UK has begun its accession process to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) – the 11-country trade agreement focused on Asia-Pacific which amounts to 8% of the UK’s total trade. See BCC’s recent press release calling for engagement with business over key areas such as data, digital trade and rules of origin.