International Trade

The UK is a leading investment destination for most global companies that focus on the development and growth of their businesses at an international level. According to the World Bank, the time required to set up business in the United Kingdom is 13 days. The World Bank has also given the UK the sixth rank in the world to operate a business.

The World Trade Organisation, 2007 claimed that the UK was the second largest exporter and the seventh largest exporter. The country is also said to be the third largest importer of commercial services and the fourth largest importer of merchandise. This status has been achieved by the UK because of its membership in the EU (European Union).

While customs declaration is not a necessity for goods imported from within the EU, it is required for imports abroad. Encouraging imports, the UK has abolished most of its import licensing controls except for a few of the national import restrictions which have been retained for public health and security reasons.

Member states of the EU enjoy free circulation of imported goods on the payment of customs duties and other regulatory charges. While a common external tariff is fixed on goods which are imported from outside the EU, the level of customs duties that need to be paid are established by the EU in its "preferential" and "non-preferential" regulations of origin.

The preferential rules fix low or sometimes even zero rates of duties on industrial goods that originate from or are imported from EU's preferential partner countries. The origin of goods depends on whether the product is fully or sufficiently processed in a preferential partner country.

Non- preferential rules of origin are applicable on goods imported from non-preferential countries like Canada, Australia, Japan, South Korea New Zealand, and the USA. These goods can be either wholly originate from a single country or can be from where the production involves more than one of the above mentioned countries.

As for the UK's export business, an exports declaration has to be given to the Customs before exports take place. Except for certain goods which require licenses, permits and certificates, the Customs promptly clears exports through the New Export System.

Exports in the UK require the maintenance of an official document of export along with relevant business documents is required for this purpose. The documents are inclusive of the contract correspondence, customer's order, copy export invoices, consignment notes, advice notes, packing lists, evidence of payment and receipts from abroad, insurance and freight charges and so on. Such documents are required for VAT purposes.

Bob Smith writes about Freight forwarding and the Carduff Freight.

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