Trading in a New EU

This morning Santander hosted a virtual conference focused on navigating UK-EU trade in a post-Brexit environment. The EU is, and will continue to be, the UK’s largest trading partner, and in such uncertain times as now, international growth is a crucial way for businesses to diversify their risk and access new growth opportunities. While a Trade & Cooperation Agreement was secured at the end of last year between the UK and the EU, there are still several fundamental changes that businesses need to consider when trading across the Channel.

At the conference we were joined by a panel of expert speakers from Santander’s ecosystem of partners covering a range of trade topics that were highlighted as concerns in the latest Santander Trade Barometer. These included supply chains, people and mobility, finance and setting up overseas.

Businesses, from both the UK and the EU, were able to select to take part in smaller workshops to get more granular detail on what the changes mean for their business, and the support available to overcome the challenges.

As part of the discussion we spoke about the implications of the trade deal, including what was, and was not, outlined in the agreement reached last year and what this means for businesses currently trading with the EU.

Attendees also gained insights into practical changes that may differ depending on what sector they operate in and also how they trade. For example, Food and Drink businesses will need to understand Rules of Origin and how they affect their products, and businesses supplying goods into Northern Ireland should consider registering for the Government’s Trade Support System (TSS), as a TSS approval number will ensure a smoother transition of goods through the border.

During the People and Mobility session we discussed how the unprecedented movement of people working around the world due to COVID-19 means that companies need to adapt their employment style and should expect people mobility to increase even more during the upcoming months. This in turn will mean that tax and social security implications will need to be considered.

The growth opportunities that international trade can provide to a business cannot be underestimated. Because of this, Santander is committed to working with its partners to provide support to businesses to identify, get educated on, and implement the necessary changes in their business to allow them to navigate the regulatory challenges to continue, or start, trading with the EU. We have a range of training modules where businesses can get tailored support across the different regulatory challenges. The next Trade Compliance Training course is being held on the 4th February and there are still limited spaces available. There are further courses available in February and March, so if you would like to join or would like more information about the courses available, as well as the other solutions mentioned, please contact [email protected]

Huge thanks go to all of the speakers that participated in today’s event.