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EFTA membership 'may be best way for UK to retain single market access'

Industry News | | MIC Customs Solutions |

Joining the EFTA trading bloc is increasingly being regarded as the best way for the UK to retain its links with Europe post-Brexit, according to reports.


Experts and officials are talking up the benefits of the UK joining the European Free Trade Association (EFTA) as a means of retaining strong trade links to Europe even after the country leaves the European Union.

With Britain's Brexit strategy remaining opaque for the time being, a number of options are being publicly discussed, with a restoration of the UK's membership of EFTA - an organization it helped to found in 1960 before it made the decision to join the EU in the first place - seen as a potentially beneficial arrangement.

Speaking to the Guardian, EFTA court president Carl Baudenbacher said EFTA could be "a natural home for the UK post-Brexit", as the members of the association - which currently include Norway, Liechtenstein, Switzerland and Iceland - have access to the single market and are part of the European Economic Area.

At the same time, EFTA nations do not need to be part of the EU customs union and retain a greater degree of national sovereignty than they would as EU members - a key point of contention that played a significant role in the UK's Brexit vote.

Mr Baudenbacher said joining EFTA represents "a clear route to access the single market, but you keep sovereignty with regard to common policies, and in particular to foreign trade policies, because we are not a customs union".

Meanwhile, Swiss president Johann Schneider-Ammann stated after a recent EFTA ministerial meeting that Switzerland would welcome the UK back into EFTA, as Britain is the country's sixth biggest trading partner, and Mr Schneider-Ammann is unwilling to see the relationship between the two countries damaged.

Additionally, former Scottish first minister Alex Salmond has held informal talks with EFTA about the UK's future relationship with Europe, as Scotland - which was in favor of remaining in the EU - is particularly keen to retain strong links to the continent.


Software Solutions
MIC - Customs and Trade Compliance Software Solutions worldwide

Multinational companies are facing greater compliance challenges when addressing the continuously evolving international legal requirements. Customs and trade compliance management has a significant impact on production location and purchasing decisions, delivery times, cost savings and competitive advantages. Thus, it is crucial to establish processes that are accurately, effectively, and efficiently managed utilizing proven global IT solutions.

The international requirements for companies regarding customs and trade compliance management are complex and subject to ongoing legal changes covering a multitude of topics, such as: Correct product classification, compliance with export control regulations, numerous sanction list screenings, calculation of origin based on ratified free trade agreements, supply chain security initiatives, and management of special customs regimes as part of the import and export clearance processes. In addition, country-specific legal requirements that include legislative and technical changes make it increasingly difficult to completely fulfill the requirements of international customs and trade compliance.

A partnership with MIC strengthens a company’s ability to deal with the daily operational challenges of international customs and trade compliance management. MIC has a trendsetting Global Trade Management (GTM) software solution that allows companies to standardize and automate their customs and trade compliance processes. MIC’s software solution is available on 6 continents and can be configured according to the company’s specific needs to significantly improve legal compliance, thus saving time, money, and eliminating future business disruptions.

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MIC provides the software via its data center infrastructure. On request, a MIC partner can take over the daily operational handling (managed services).

Low investment expenses and “pay per use” cost savings, as well as reduced time to value.

Customs Filing

Automated electronic export and import customs clearance processes, including special customs regimes and inventory management: Import, Export, Transit, Inward & Outward Processing Relief, Bonded Warehouse, Foreign Trade Zones, Intrastat, Central Clearance – SASP, EMCS and more. “We do the last mile!”

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Central Classification

Global part master data management with increased degree of automation in customs tariff & export control classification of products based on regularly updated national customs tariffs and export control commodity lists.

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FTA Management

Automated preferential and non-preferential origin calculation for 250+ free trade agreements as well as electronic exchange of customer supplier declarations. Management of supplier declarations via supplier web portal.

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Export Controls

Central export control check of business transactions, including sanctioning list check, embargo check, end-user / end-use check, determination of approval requirements and management of approvals.

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Global Implementations

There are various customs regulations and requirements programs throughout the world. Examples include ACE, FTZ and Duty Drawback in the USA, IMMEX in Mexico, the Union Customs Code (UCC) in the EU (and its various national characteristics), the Free Zone in Thailand, and the China Single Window. All of these have the objective of making customs procedures simpler, more modern and more efficient.

MIC Global Trade Management (GTM) software helps companies maintain international visibility and to take advantage of these program changes in legislation. We know the intricacies of national and regional customs and export control requirements. Our software takes account of the respective regulations and uses similarities in global customs and export control law. This is done in 55+ countries on 6 continents with regularly updated trade content for 150+ countries. In addition, our data analytics & visualization tool enables improved decision making by identifying optimization potentials and supply chain trends across global customs and trade compliance processes. As a result, global business processes can be designed and automated more efficiently. This not only increases compliance, but also saves time, money and increases global competitiveness.

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