UK and EU Agree to New Trade Agreement Benefiting Northern Ireland Traders
The UK and EU have agreed on a landmark trade agreement that will see Northern Ireland’s businesses benefit from an improved trading environment. This new package ensures that Northern Ireland traders can fully benefit from the United Kingdom’s independent free trade policy, reaffirming and strengthening Northern Ireland’s position within the UK.
Clear and Significant Benefits for the Agri-Food Sector
As part of the new deal, more than 13,000 tonnes of lamb, beef, and poultry will now be within a UK tariff rate quota. This includes imports from key FTA partners like Australia and New Zealand. This will significantly benefit the agri-food sector in Northern Ireland, which has long sought better trade conditions.
Minister of State for the Northern Ireland Office Steve Baker said: “This major milestone illustrates the UK Government’s commitment to maximising trade and opportunities for Northern Ireland’s businesses. This unique arrangement will mean Northern Ireland importers will be able to benefit from UK Free Trade Agreements, further cementing Northern Ireland’s place in the UK.”
Addressing Previous Trade Barriers
The new arrangements, available from 30 September 2024, follow months of intensive business engagement. The deal addresses a crucial issue under the old Protocol: how Northern Ireland businesses could benefit from UK Free Trade Agreements when importing higher-tariff products, such as meat. The International Meat Trade Association (IMTA) said it has been one of the bodies welcoming ratification. “IMTA welcome today’s ratification of the Tariff Rate Quota solution for meat imports into Northern Ireland. We have long advocated for a solution to address this trade barrier and facilitate this crucial supply to NI,” said an IMTA spokesperson.
Government’s Commitment to Northern Ireland
The announcement has been a significant milestone in implementing the Government’s commitments to Northern Ireland’s prosperity, as outlined in the Safeguarding the Union command paper published earlier this year. The agreement, reached in January 2024, was officially ratified by Foreign Secretary David Cameron and Vice President Maroš Šefčovič during the Withdrawal Agreement Joint Committee meeting in Brussels.
The Government has also continued to work to support economic growth in Northern Ireland. In March, working groups were set up for horticulture and veterinary medicines to resolve any remaining issues. Similarly, the inaugural meeting of the East-West Council went ahead and involved discussions on cooperation between Northern Ireland and other parts of the UK.
Improved Investment and Future Prospects
On top of the aforementioned, the Government is investing £150 million to establish an Improved Investment Zone within Northern Ireland. The plan will support businesses in seizing special opportunities and also help facilitate business, culture, and skill exchange. Business enterprises are thus encouraged to watch out for guidance that is set to be published on the new arrangements in order to take full advantage.
This new trade framework will surely unlock an abundance of opportunities that may make the UK ever more attractive as a place to do business. Investors and businesses wishing to operate in this new era and with the highest potential possible from trade are advised to receive expert advice.
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