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Asia is the UK’s fastest-growing export market
Growing opportunities for UK businesses in Bangladesh, Cambodia, Laos, India, Malaysia, and Vietnam
The United Kingdom, comprising England, Scotland, Wales, and Northern Ireland, will be applying new trading rules with Asia and all other countries from January 1, 2021. From that date, the UK will no longer apply the European Union’s Common External Tariff (CET) as its formal exit out of the transition period with the European Union (EU) gives rise to sweeping international trade and other regulatory changes.
The UK’s new global trading regime
The CET will be replaced by the United Kingdom Global Tariff (UKGT) and trade will proceed on World Trade Organisation (WTO) terms with WTO members that do not have preferential trading agreements with the UK. The UK will also join the WTO’s Government Procurement Agreement (GPA) as an independent member on January 1, 2021. Hong Kong, Japan, South Korea, Singapore, and C