In the aftermath of Brexit, we witnessed the introduction of new regulations, stricter procedures, and continual adjustments to the trading relationship between the UK and the EU. These rules and regulations continued to evolve throughout 2023.
As we approach 2024, businesses must stay well-informed and adaptable to stay compliant and trade successfully.?
- Border Target Operating Model (BTOM): The UK's phased rollout of BTOM introduced new import controls and customs processes throughout 2023. While some adjustments continue, familiarity with BTOM requirements remains crucial for 2024 compliance.
- UK Single Trade Window (STW): The planned launch of the UK STW in 2024 will consolidate various trade and customs platforms into a single digital portal. Familiarising yourself with this upcoming change will simplify future declarations.
- Windsor framework: The framework governing trade between Great Britain and Northern Ireland continues to evolve. Businesses trading across the Irish Sea must stay updated on the latest revisions and their implications for customs formalities.
- EU Regulations: New EU regulations like the Carbon Border Adjustment Mechanism (CBAM) and the Deforestation Regulation will impact specific sectors in 2024. Understanding these regulations' scope and compliance requirements is vital.
- Digital economy: Evolving EU regulations like the Digital Markets Act and the Digital Services Act may impact online businesses operating in the UK-EU trade context. Stay informed about potential compliance obligations.
- Heightened scrutiny: Expect stricter customs checks and increased enforcement of compliance requirements in both the UK and EU.
- Digital focus: Increased reliance on digital platforms for customs declarations and talking to officials means businesses may need to invest more in technology.?
- Diversification: The evolving regulatory landscape could encourage businesses to explore different supply chains and trade routes?
- Proactive preparation: A thorough understanding of 2024 regulations and proactive compliance measures will be essential to smooth trade operations.
- Leverage iCustoms expertise: Let iCustoms provide comprehensive trade compliance support tailored to your specific needs. Our experts can help you understand the details of UK-EU regulations and guide you with BTOM, STW, and other platforms.?
- Optimise with iCustoms technology: Amp up your compliance efforts with our cutting-edge trade technology solutions. Effortlessly connect with the UK STW and other digital platforms to make your declarations smoother and reduce errors.
- Stay ahead with iCustoms insights: Get exclusive access to our updates on trade compliance and benefit from our vigilant monitoring of regulatory changes.
- Build resilience with iCustoms strategies: Let our experienced team help your supply chain stay agile and resilient despite evolving regulations and political uncertainties.??
Navigating the ever-changing UK-EU trade compliance landscape in 2024 requires preparedness, agility, and strategic foresight. By understanding these significant changes, anticipating future implications, and taking proactive measures, businesses can ensure smooth trade operations and continued success in the new year.
