Leveraging the RCEP as an impetus for trade 07 Feb 2021 / 20:40 H.
The apparent euphoria over the significant hike in trade surplus by about 27% to RM185 billion in 2020 compared with 2019 has caught the attention of many.
Upon closer scrutiny, exports have declined by 1.4% while imports have dropped by 6.3%.
The increase in trade surplus that is contributed by a significant drop in imports is not something to gloat about.
The decline in imports for intermediate goods and capital equipment are indeed causes for concern. Based on Matrade’s report, the import of intermediate goods nosedived by 9.5% and this could be attributed to weaker manufacturing activity.
Trade with Turkey
From: Contents
The UK has signed a trade agreement with Turkey, which is in effect.
This guidance provides information on aspects of trade covered by the UK-Turkey agreement. It is for UK businesses trading with Turkey.
What the agreement includes
This agreement includes provisions on:
trade in goods – including provisions on preferential tariffs, tariff rate quotas, rules of origin and sanitary and phytosanitary measures
customs and trade facilitation
dispute settlement
When the UK was an EU Member State, its trading relationship with Turkey was governed by the EU-Turkey Customs Union, alongside an agreement on agriculture and the coal and steel agreement. This arrangement has been transitioned into a traditional free trade agreement.
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An eleventh-hour post-Brexit trade deal struck between the UK and the EU has been welcomed by the fleet and leasing industry.
It had faced a significant rise in costs, with tariffs imposed on cars and vans, if no deal had been agreed when the UK exits EU trading rules on Thursday (December 31).
However, while business will now have to adapt to the new trading rules and work through the detail of the deal, the expected hike in vehicle prices of several thousand pounds has been avoided.
Gerry Keaney, chief executive of the British Vehicle Rental and Leasing Association (BVRLA), said that the Brexit trade deal comes as a “big relief” for the industry and provides a “welcome boost” for the UK automotive sector, which can now plan with more “confidence and certainty”.
Claiming preferential rates of duty between the UK and EU from 1 January 2021 gov.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from gov.uk Daily Mail and Mail on Sunday newspapers.