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(This note is not part of the Regulations)
These Regulations are made under the Taxation (Cross-border Trade) Act 2018 (c. 22). They amend the Customs Tariff (Preferential Trade Arrangements) (EU Exit) Regulations 2020 (S.I. 2020/1457) to implement preferential customs import duty rates agreed under the Free Trade Agreement between the United Kingdom of Great Britain and Northern Ireland and Australia, signed on 16th December 2021. They also amend the Customs (Tariff Quotas) (EU Exit) Regulations 2020 (S.I. 2020/1432), as a consequence of that free trade arrangement.
Regulation 2 amends Schedule 1 to S.I. 2020/1457, which sets out the list of arrangements between His Majesty’s government in the United Kingdom and the governments of other countries or territories to which the provisions of those Regulations apply. The following preferential trade arrangement is, by this instrument, inserted in the table in Schedule 1 to S.I. 2020/1457:
— Free Trade Agreement between the United Kingdom of Great Britain and Northern Ireland and Australia, signed on 16th December 2021.
Regulation 3 amends S.I. 2020/1432 to establish seven new tariff rate quotas which will be administered using a licencing system. Regulation 3 also establishes the conditions to be met for an import licence to be issued in respect of these seven tariff rate quotas.
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.
An impact assessment setting out the potential economic impact of the Australia Agreement was published on 16th December 2021 and is available electronically at https://www.gov.uk/government/publications/uk-australia-fta-impact-assessment. This publication includes an assessment of impacts on the UK’s regions and nations, sectors, employment, consumers and businesses as well as the potential impacts on developing countries.