• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

SMMT welcomes post-Brexit deal with Mexico – but warns a deal with EU must be done

James Baggott by James Baggott
December 17, 2020
0
Home News

The SMMT has said the post-Brexit trade deal agreed with Mexico was ‘welcome news’ and will boost the trade of cars, engines and parts.

Yesterday, the UK signed a continuity trade deal with Mexico worth more than £5bn which International Trade Secretary Liz Truss said will allow the two countries to ‘trade to new heights’.

It will keep tariffs on car and UK beverage exports at zero per cent, saving tens of millions of pounds in duties which would have been applied under World Trade Organisation terms.

The countries have also agreed to start negotiating a new free trade agreement next year which will go further than the existing deal.

  • Ad-free Car Dealer website, £5 per month

SMMT chief executive Mike Hawes said: ‘The signing of another trade agreement that rolls over our preferential trade terms that would have expired when we leave the EU is welcome news.

‘Trade between the UK and Mexico in cars, engines and parts is worth hundreds of millions of pounds every year so the imposition of WTO tariffs would have been extremely damaging.’

Although pleased to see another deal signed by the government, Hawes issued a further warning over a no-deal Brexit and a plea to negotiators to agree a deal asap.

He added: ‘UK vehicle production is export led, therefore tariff and quota free trade with all our major overseas partners is absolutely critical and the priority now is for negotiators to agree a deal with our biggest market by far, the EU, without further delay.’

New figures reveal that production losses could cost as much as £55.4bn over the next 5 years if the sector was forced to trade on WTO conditions long-term

Even with a so-called ‘bare-bones’ trade deal agreed, the cost to industry would be some £14.1bnhttps://t.co/JSmgh5Ohvt pic.twitter.com/9huZvrBVdP

— SMMT (@SMMT) December 16, 2020

The UK-Mexico Trade Continuity Agreement is expected to benefit the automotive, pharmaceutical, textiles, agriculture, food and drink, and other manufacturing industries.

Ms Truss said: ‘This deal supports a trading relationship worth more than £5bn and locks in access to each other’s markets.

‘We look forward to working together with our Mexican friends and allies on a new and ambitious trade agreement in 2021. This will allow our two countries to go much further in areas such as data, digital trade, investment, intellectual property and services.

‘This is also the seventh trade deal we’ve secured with a member of CPTPP, the grouping of 11 dynamic economies around the Pacific. 

‘Together we’ll enjoy even more success by seizing this opportunity to take our trade to new heights. International trade will help us to overcome the challenges of coronavirus and drive economic growth across our United Kingdom.’

  • Register as a Car Dealer member and get more out of the website here
  • Car Dealer Mag issue 153 is out now – Read it here
  • Join our breaking news WhatsApp group – Click here to join now
Previous Post

Dec 16 round-up: PM can’t cancel Christmas; Rail fare increases; Private testing lab; New Zoe special

Next Post

Chairman of Britishvolt quits after tax fraud conviction emerges days after £2.6bn gigafactory plan revealed

Related Posts

Dealers to be given free advertising across eBay Motors Group in February
News

Dealers to be given free advertising across eBay Motors Group in February

January 13, 2021
New car sales to increase in 2013, suggests Trader Media
News

Renault Retail Group sells flagship London West showroom for £39m

January 13, 2021
John Clark Motor Group sees losses deepen to nearly £2m
News

John Clark Motor Group sees losses deepen to nearly £2m

January 13, 2021
BMW ad banned because ‘no-dazzle’ claim was misleading
News

Five people arrested after BMW dealership targeted twice by thieves in the same morning

January 13, 2021
News

Click and collect comes under increasing scrutiny as Mayor of London calls for it to be banned amid crisis in capital

January 13, 2021
Car Dealer Live: Data shows there are buyers out there and they want new cars via click and collect, say What Car? team
Car Dealer Live

Car Dealer Live: Data shows there are buyers out there and they want new cars via click and collect, say What Car? team

January 13, 2021

Want to receive the latest news?

Sign up to the Car Dealer daily news briefing for the latest news and advice during these unprecedented times.

Subscribe Now
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

December 21, 2020
Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs
News

Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs

January 6, 2021
Investigation: Should car dealers be selling and delivering during lockdown?
News

What do we know about online used car dealer Cazoo? Who is Alex Chesterman? And will Cazoo float on the stock market?

January 5, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 5, 2021
Used car dealer Cazoo accused of online-only U-turn as it sets up physical sites and closes Imperial dealerships
News

Comment: Why Cazoo founder was naive to label this used car sales business as ‘flawed at every level’

December 1, 2020
Car Dealer Power

Car Manufacturer of the Year – Where did your manufacturer rank in Car Dealer Power 2020?

November 23, 2020
Investigation: What do car buyers want from online car sales? New research reveals customers’ likes and dislikes
Car Dealer Live

Investigation: What do car buyers want from online car sales? New research reveals customers’ likes and dislikes

November 28, 2020
Car Dealer Power

The best car dealer suppliers named in the Car Dealer Power Awards 2020

November 26, 2020
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C