{"id":647,"date":"2021-08-24T18:37:00","date_gmt":"2021-08-24T18:37:00","guid":{"rendered":"https:\/\/www.customs-declarations.uk\/?p=647"},"modified":"2021-08-24T18:38:42","modified_gmt":"2021-08-24T18:38:42","slug":"uk-global-tariff-ukgt-customs-acronyms-glossary","status":"publish","type":"post","link":"https:\/\/www.customs-declarations.uk\/uk-global-tariff-ukgt-customs-acronyms-glossary\/","title":{"rendered":"UK Global Tariff (UKGT) | CUSTOMS ACRONYMS & GLOSSARY"},"content":{"rendered":"

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Introduction<\/b><\/h1>\n
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UKGT applies to any goods imported into the UK from countries which the UK does not have a Free Trade Agreement in place, and which are not covered by any other specific exemption i.e. a tariff suspension.<\/h2>\n

UKGT is a new regime that has been developed to meet the needs of the UK economy, making it easier and cheaper for UK businesses to import goods from overseas, with a reduced administrative burden. as well as lower, simpler and more streamlined tariff rates.<\/h2>\n

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Enhancements<\/h1>\n
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The UKGT encourages international imports. Tariffs have been removed on products that the UK does not produce or does not produce much of such as olives and freezers. Removing these tariffs makes it easier to export these goods to the UK. The UKGT also reduces cost pressures on exports to the UK, through the lower tariffs that are levied when they arrive into the UK as imports.<\/h2>\n

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Features<\/h1>\n
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The UKGT allows the UK to expand its trading relationships through bold trade deals with partner countries.<\/h2>\n

There are 9,500 products to which the UKGT applies and around 2,500 products are tariff free. Under the UKGT, the average customs duty tariff rate have been reduced from 7% to 6%.<\/h2>\n

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Importing goods covered by a tariff-rate quota (TRQ)<\/h1>\n
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If there\u2019s\u202fa TRQ for your product, you can apply to import a limited amount at a zero or reduced rate of customs duty.\u202f If this limit is exceeded, a higher tariff rate applies. Some tariff-rate quotas are only applicable to products imported from a specified country.<\/h2>\n

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[vc_row][vc_column][vc_column_text el_class=”custom-list”] Introduction UKGT applies to any goods imported into the UK from countries which the UK does not have a Free Trade Agreement in place, and which are not covered by any other specific exemption i.e. a tariff suspension. UKGT is a new regime that has been developed to meet the needs of the […]<\/p>\n","protected":false},"author":1,"featured_media":648,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[37],"tags":[42,38,55,54,53,52,51],"yoast_head":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\n\n\n\n\t\n