Business West welcomes ratification of UK-EU TCA but says more work must be done

Speaking after news that the Trade and Co-operation Agreement has been ratified, Catherine Stephens, Head of International Trade Services at Business West, said:  

“While the ratification of the TCA has been a smooth process, we must not forget that the changes in the agreement have been up and running since January and so far, firms have faced a myriad of issues.

“It is crucial that the UK and EU work together to reduce and mitigate the disruption that businesses across the South West and the UK have faced and continue to face, especially in light of regulatory changes still to come.

“Business West’s Quarterly Economic Survey, released earlier this month, revealed the difficulties businesses have experienced since the start of the year.

“The survey of over 300 South West exporters revealed that export sales have fallen by 35.9%. Businesses in the services industry reported a decline in export sales of 38.5%, and those in the manufacturing sector reported a 26.1% decrease.

“Over half of the exporters surveyed have been impacted by the TCA and a quarter more report that it is too early to tell the impact that this will have on their operations.

“This follows a major British Chambers of Commerce (BCC) survey in January which found that 49% of the 3000 exporters surveyed reported difficulties adapting to changes to trade in goods rules. Only 16% reported any ease in adapting to changes. 

“Without adequate support for companies the effects of the deal could have a further negative impact on South West and UK economic prospects.  

“It is crucial that The UK and the EU press on with talks so arrangements can be set out in the TCA to ensure trade can continue between them in the most frictionless way possible.

Businesses who need support with completing customs declarations can visit this page to find out how Business West can help. If firms have any export documentation questions surrounding trading with the EU, they can contact one of Business West’s expert trade advisers on 01275 370712.