British Coatings Federation10.22.20
Reacting to the resumption of Free Trade Agreement talks, the British Coatings Federation has called on the UK and EU to reconcile their remaining differences and negotiate an FTA as soon as possible.
Failure to do so would have a significant detrimental impact on the coatings sector across Europe, but especially on UK manufacturers.
An FTA is needed to avoid tariffs being placed on future trade, something the BCF calculates would cost the coatings industry in the EU some £75 million a year in finished goods alone in both added import and export costs.
UK companies would also be hit with tariffs on raw materials imported from the EU, putting up costs by between zero and six percent, adding yet more millions to the cost of trade in the future.
“The UK coatings sector trades heavily with the EU. If tariff-free trade is not agreed upon as part of an FTA then the coatings industry across Europe will see added costs of £75 million in finished products alone," BCF
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