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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Trusted Trader Scheme To Exempt 98% Of GB-NI Goods From Tariffs: RTE
Tony Connelly at RTE tweets a lengthy thread [edited version below] on the deal reached at the EU-UK Joint Committee on the Northern Ireland Protocol yesterday, concerning tariffs and trade between Northern Ireland and Great Britain in 2021.
- "The EU and UK have agreed a trusted trader scheme that would mean exemptions from tariffs for up to 98pc of goods flowing between Great Britain and Northern Ireland from January 1, @rtenews has learned. The other 2% wd potentially avail of rebates from any tariffs."
- "Tariffs would mostly only apply if no free trade agreement is concluded between the EU and UK. Both sides have also agreed that agrifood products coming from GB to Northern Ireland will be exempt from requiring export health certificates for a period of at least three months"
- "It's understood the issue of how supermkts will comply with EU food safety rules could be dealt with through a UK commitment - possibly a declaration - that it does not intend to change its food safety rules from Jan 1. At that point the rules will be the same as the EU's."
- "The trusted trade scheme would be subject to a review, or sunset clause, three and a half years after the Protocol comes into effect, according to an internal EU briefing. If the EU is not satisfied with the way the scheme is operating, it can trigger an emergency brake."
- "Alternatively, the system could be tweaked rather than halted completely, depending on how it is operating. The 3.5 yr review clause is deliberately timed to precede the first vote of the NI Assembly on whether or not the trade provisions of the Protocol should be continued. This is under the consent clause of the Protocol."
- "RTE News also understands that the various grace periods and derogations will give supermarkets time to improve their own food traceability and stock management systems......which in turn could play a role in reassuring MS as to the safety of food supplies entering the single market from GB, which will be a third country. The EU and UK have also agreed in principle that exit summary declarations for goods going from NI-GB will not be required +the information will instead be generated from data - such as that held on manifests - that already exists for NI-GB ferry consignments."
- "EU officials who are entitled to monitor the implementation of checks and controls at Northern ports will be based in temporary office space, such as co-working facilities, it's understood."
- " EU member states will also be entitled to monitor UK customs databases within their own capitals as part of their surveillance of goods entering Northern Ireland, and thereby entering the rest of the single market."
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.