Legislation implementing the protocol to admit the United Kingdom to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership was passed by Parliament with no amendments.
The Customs Tariff Amendment (Comprehensive and Progressive Agreement for Trans-Pacific Partnership Expansion) Bill 2024:
- Provides a “free” rate of customs duty for originating goods of the United Kingdom (other than goods listed in amended Schedule 8B of the Customs Tariff Act), with effect from entry into force of the protocol for Australia
- Amends Schedule 8B to the Customs Tariff Act to specify the phasing rates of customs duty for certain originating goods of the United Kingdom that will incrementally reduce to “free” by, at the latest, January 1, 2033
- Inserts a “safeguard” provision that would restore the customs duty rate to the rate that applied immediately before the commencement of the protocol for certain products, so long as the United Kingdom maintain its equivalent safeguard