Good news for Welsh traders
Two new freeports in Wales! Taking the UK planned total up to 12.
Today two new freeports have been announced in Wales. Anglesey Freeport and the ‘Celtic Freeport’ including Port Talbot and Milford Haven the Institute of Export & International Trade reports.
This is on top of the 10 freeports already announced.
At time of writing, only 6 of these freeports are open and operating, being Felixstowe, Liverpool, Plymouth, Teesside, Thames and Solent. East Midlands Airport and Humber freeports are still in development.
How do freeports help UK traders?
For UK traders, there are several advantages to operating within a freeport. One of the most significant benefits is the reduction or elimination of customs duties and taxes on goods that are imported into the zone. This can make importing goods cheaper and more attractive, which in turn can boost your business.
Additionally, freeports often have simplified customs procedures and streamlined regulations, making it easier and quicker for businesses to move goods in and out of the zone. Making life much easier for traders.
All going to plan, this is good news for these communities in Wales. Inevitably, they will bring a boost to these areas as well as opening up new trade options for Welsh businesses.
It may be several years yet till these freeports are up and running effectively. That said, Espace wholeheartedly support investment in these areas, knowing that they will effectively reduce barriers to trade for more UK businesses.