Whilst it may be some way off, the departure of the United Kingdom(UK) from the European Union (EU) will have implications for those companies exporting to and importing from the UK.
The EU has some 30 free trade agreements (FTAs). In 2015, Australia and the EU agreed to start the process of negotiating an FTA. The EU is also currently negotiating FTAs with the USA, Japan and Canada.
Post BREXIT points of impact on your business’s trade into and out of the UK may include:
Much of the impact will depend on what special trade relationship, if any, the UK can negotiate with the EU, as part of the BREXIT negotiations.
So whilst BREXIT may be some time away, contingency planning on how to deal with your business supply chain to mitigate the potential costs and impacts should start now.
For further analysis, visit the KPMG UK website, which provides additional commentary and resources.