Using common transit after Brexit
The UK is set to remain in the Common Transit Convention (CTC) after Brexit, ensuring simplified cross-border trade for UK businesses exporting their goods.
Continued membership of the convention will ensure simplified cross-border trade for UK businesses exporting their goods. Under T2 if we can reach free trade agreement, or T1 if it is a hard Brexit.
Under the latter duty/VAT suspension would be subject t an appropriate Customs guarantee, which may be the Customs Comprehensive Guarantee (CCG).
The CTC is used for moving goods between the EU member states, the EFTA countries (Iceland, Norway, Liechtenstein and Switzerland) as well as Turkey, Macedonia and Serbia.
The UK is currently a member of the CTC while it is in the EU, and successfully negotiated membership in its own right after Brexit at the end of the year. This would apply to any new trading relationship with the EU or in the unlikely event of a no deal.
Membership of the CTC will help ensure that trade moves freely between the UK and CTC members after the UK leaves the EU. It will provide cashflow benefits to traders and aid trade flow at key points of entry into the UK, as traders will only have to make customs declarations and pay import duties when they arrive at their final destination.