Not all countries follow the harmonization agreement on chemical tariffs. For example, tariffs applied by countries such as Brazil or India are much higher for many petrochemicals. Follow this link to find out about customs duties on EU exports. madb.europa.eu/madb/indexPubli.htm An end-to-end perspective for the entire global petrochemical supply chain. It provides data on import and export volumes, investment capacity, production, consumption and chemical trade flows. Request a FREE event in BARCELONA (ICIS) – UK imports and exports of petrochemicals to the EU27 and most other major trading partners face tariffs of up to 6.5% from the World Trade Organisation (WTO) in the event of a „No Deal“ Brexit, according to analysis by European trade group Cefic. Not only would the UK no longer benefit from duty-free trade with the EU27, but it would no benefit from lower or zero tariffs with countries in which the EU has negotiated separate free trade agreements between parties, including Singapore, Canada, Mexico, Korea and Japan in 2019. In accordance with the most-favoured-nation principle applicable to all WTO members, countries must apply the same right to all trading partners. For example, before implementation, tariffs on polymers often reached 16-17%.
If the country left the EU without a deal, it would automatically resort to tariffs agreed under the WTO`s agreement to harmonize chemical tariffs, concluded by the world`s major chemical markets, said Rene van Sloten, Cefic`s executive director of industrial policy. If this happens, the UK will be free to negotiate new bilateral or regional free trade agreements, but it may be years before the UK depends on WTO tariffs. „With the US, this right would be the same as for the EU27, but for Canada, Mexico, Korea and soon Japan, the EU27 has no tariffs, while the UK would face higher most-favoured-nation tariffs.“ Follow this link to find out about the tariffs applied by all WTO members around the world www.wto.org/english/tratop_e/schedules_e/goods_schedules_table_e.htm However, you remain free to negotiate separate bilateral free trade agreements. The WTO Harmonization Agreement on Tariffs on Chemicals was signed in the 1986/1994 Uruguay Round, which negotiated the General Agreement on Tariffs and Trade (GATT). The UK would no longer benefit from these EU free trade agreements in the event of a „no deal“ Brexit. Click on the map to enlarge. Click here to view stories and related content on the Brexit theme page. If it fails, one option favored by some passionate Brexiteers is for the country to leave the EU without a deal on March 29, 2019. In the current trade war between the US and China, the US is calling for waivers of WTO rules based on „national security concerns“. Our 24/7 reports will keep you fully informed of important events in your market, including market movements, analytics, data and more.
Speak with CIHI Historical, Current and Forecast Prices as well as commentary to track price fluctuations and understand price increases and trends. Make quick and safe decisions and measure the best time to buy or sell. Sign up for our CIHI newsletter for the latest market developments, headlines and an overview of chemical price changes and market impacts. Get free market updates Stay on market volatility and inform your trading strategies with pricing, data, news, and analysis. British Prime Minister Theresa May is facing a fight for approval of her Brexit deal by the country`s parliament in the coming weeks. „The quintessence is that for important trading partners such as the United States, Canada, Mexico, Japan, Saudi Arabia, Russia, Russia, Korea and the EU27, the maximum rate in the event of a no-deal Brexit would typically be 6.5%,“ Van Sloten said. . . .