According to Americans for Tax Reform, Britain is the most improved country on the 2021 International Trade Barrier Index, jumping from 8th to 4th place since 2019. By implementing its own UK Global Tariff schedule in January 2021 as a replacement for the European Union Common External Tariff, approximately 60% of trade will come into the UK tariff zone free. Additionally, the impressive 60+ continuity or bridging agreements that the UK has signed since 2019 will continue to facilitate international trade.
Bagging the top spots in the International Trade Barrier Index were Singapore, New Zealand and the Netherlands. India, Algeria and China were the worst ranked countries due to their stringent regulations, tariffs and trade barriers. EU powerhouses Germany and France ranked at 13 and 22 respectively.
Speaking at today’s Trade Barrier Index launch at the Taxpayers’ Alliance’s Tufton Street HQ, Victoria Hewson, Head of Regulatory Affairs at the Institute of Economic Affairs, warned that despite this positive news “the UK is still in danger of adopting the EU’s worst barriers”. To benefit from Brexit it is essential that the UK cuts restrictive trading regulations.