Britain promises tariff suspension scheme to increase competitiveness
May 20, 2021, 2:00 pm

Britain promises tariff suspension scheme to increase competitiveness

Britain wants to use its independent post-Brexit tariff regime to help make domestic manufacturers more internationally competitive, launching a scheme for firms to apply for a suspension of tariffs on their imported manufacturing inputs.

Tariff suspensions are used to help a huge range of sectors like agriculture, micro electronics and chemicals, by lowering the cost of importing raw materials or other inputs where they are scarce or unavailable locally.

The scheme replaces an equivalent European Union (EU) programme which applied to Britain before it left the bloc and was temporarily rolled over when that exit was completed at the end of 2020. Under the EU scheme, suspensions had to be assessed by all member states.

"Now we have left the EU we can use suspensions to give UK firms the maximum possible benefit," trade department minister Greg Hands said in a statement.

Unlike the EU scheme, tariff suspensions could also apply to finished products to meet a temporary need.

Under the new programme, decisions will be made based on the needs of British firms and the wider economy, the government said, subject to criteria due to be published on Thursday.

These will include asking firms to prove they would have saved at least 10,000 pounds ($14,163) in duties if a suspension had applied in 2020.

Firms will be able to apply for a suspension from June 1 until July 31. Any granted requests will apply to all firms, not just the firm that requested it, from early 2022, and last until summer 2024, the trade department said.

The rolled-over EU suspensions last until the end of 2021, and apply to hundreds of inputs including car parts, frozen fish fillets and plastics.

Source: Reuters

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”