One of the most important Brexit issues for the steel sector is the establishment of a robust and fair Trade Remedies regime in the UK once we have left the EU. A significant milestone in the establishment of this regime will take place on Monday and Tuesday of next week with the second readings of the two Bills (the Trade Bill and the Taxation [Cross Border Trade] Bill) that will lay out its foundations and basic rules.
At present the provision and administration of trade remedies is entirely an EU competency, post-Brexit this responsibility will fall on the UK Government. With over a third of the 92 EU trade remedies measures currently in place relating to steel, it is vital for the future of our steel sector that the UK Government implements a robust and fair regime. UK Steel engaged heavily with the Department for International Trade throughout 2017 to help shape just such a UK regime and it is encouraging that the department has moved ahead with its development, culminating in the Trade White Paper in October and the publication of the Trade Bill and the Taxation (Cross Border Trade) Bill in November. The Trade Bill will establish the Trade Remedies Authority, the body which will oversee the new regime, conduct investigations, and make recommendations to the Secretary of State on new and existing measures.
UK Steel’s comprehensive analysis of the proposed UK Trade Remedies Regime can be viewed here.