As a member of the EU, Ireland benefits from several preferential trade agreements (PTAs). This allows businesses to import goods from partnering countries where reduced or zero rated tariffs/duties have been agreed.
These agreements are designed to encourage trade between affiliated countries by lowering costs and simplifying customs procedures. In addition, PTAs often include provisions for easier access to markets and regulatory alignment which further enhance cross-border trade.
Understanding the benefits of PTAs is crucial for smart buying purposes which in turn lends itself to remaining competitive. By being informed on their products’ origin, importers can significantly reduce import duties, thus making foreign products cheaper to import. On the other hand, failing to fully understand or comply with PTA requirements can lead to costly mistakes.
In order to enjoy the absolute benefits of PTAs it is vital for importers to understand whether their imported goods meet the rules of origin and the criteria that determine the country of manufacture or processing. If an importer cannot prove that the goods comply with these rules (by way of certificate of origin/statement of origin), they may lose eligibility for reduced tariffs, regardless of origin, leading to unexpected customs charges as late as on arrival. Also, non-compliance can result in delays at customs or even fines.
So while PTAs can offer significant rewards to Irish importers, it is essential that importers are informed about their product and appreciate the rules of origin and PTA compliance requirements alongside any potential pitfalls. Proper understanding and planning will assist businesses to capitalise on these benefits whilst avoiding costly errors.
Remember, whatever the preference, volume or scope of your consignment, with us Size Really Doesn’t Matter!
