Trade negotiations between the UK and EU started again this week (before then being suspended due to a positive Covid test), and there are just 41 days left until the end of the transition period. To help members in the UK, the EU and elsewhere prepare for the world after Brexit, Liv-ex hosted several webinars this week in which we explained the implications of Brexit for the wine trade.
In short, Brexit significantly increases the complexity and cost of trade between the UK and EU, largely due to increased reporting and documentation requirements.
There was some good news for Liv-ex members. Over the past four years, we’ve adapted our systems and processes in preparation for Brexit. We will absorb as many of the new complexities as possible, so that you don’t have to worry about them. Buying and selling fine wine on the global marketplace will remain easy and will become far easier compared with trading directly with another merchant.
Find out how by watching one of our webinar recordings (c 40mins). Each one contains an active Q&A section with questions from other wine merchants.
UK merchants – Join the WSTA
The WSTA, supported by businesses like Liv-ex, has been working hard to inform the government about the impact of Brexit on the drinks trade, and to secure the best possible outcomes for wine merchants.
In the past month, its efforts have resulted in a delay until September 2022 for changes to wine labels, and a six-month delay for the imposition of the VI-1 form. While this has been welcome news, it is not yet the necessary change in government policy.
The WSTA is helping UK merchants prepare for Brexit and encourages you to join. You can find out how, and join them, on their website.