If your business imports or exports raw materials, parts and components, or finished products then you will need to know about trade remedies.
Trade remedies are measures that are introduced by governments to protect domestic producers from the injury or harm caused to them by excessive imports of similar products and/or unfair practices (such as when their overseas competitors are in receipt of unlawful subsidies). They can also be introduced by governments in response to unfair and unlawful policies introduced by other governments that have a negative impact on industries.
Trade remedies are introduced on completion of an investigation to assess the level of damage imports are causing to domestic producers, against the potential needs of wider economic stakeholders.
These investigations are initiated through an application to the relevant authority, which for the UK is the Trade Remedies Authority (TRA).
Businesses can make individual or joint applications to the TRA, although often it would be the relevant trade association that applies on their behalf. The whole application and investigation process for small businesses can be daunting, time consuming, and resource intensive, especially as the TRA requires various operational and trade data to be supplied to them to support their investigation.
Nevertheless, businesses should engage with the TRA and outline their reasons for why they want any trade remedies to be introduced, maintained, or removed, since without their information, the TRA could miss vital information and make a decision that proves detrimental.
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