The Office of the British Prime Minister announced that the UK and the EU have reached a new agreement aimed at establishing relations after Brexit, after lengthy negotiations over the past six months. The Prime Minister's office said the deal would support British businesses and jobs.
In addition, UK steel exports will be protected from new EU regulations and restrictive tariffs through a special agreement for the UK, resulting in savings of 25 million pounds per year for British steel exporters. About 75% of British steel exports go to the EU, whose market is estimated at almost 3 billion pounds.
Meanwhile, closer cooperation on emissions by combining the relevant UK and EU emissions trading systems will improve the UK's energy situation. safety and prevention of businesses being affected by the EU carbon tax, which is due to come into force next year.
"It's time to look into the future. Move away from long-standing debates and political battles and find common sense, practical solutions that will benefit the British people," commented Keir Starmer, British Prime Minister.
Gareth Stace, CEO of the UK Steel Trade Association, said: "UK Steel welcomes the official plan to merge the UK and EU emissions trading schemes and new, improved market access. This will be an important step in reducing trade differences in steel production with the EU, our largest export market, by ensuring carbon equivalent costs and simplifying exports. It also eliminates the risk of costs associated with the EU's carbon border management mechanism, which is particularly burdensome for small and medium-sized enterprises. It is important to note that combining these schemes reduces costs for the sector and ensures long-term security, especially if ETS prices in the UK exceed EU prices in the coming years, which makes the combination even more important for competitiveness."
Steelorbis.com
