The long wait for certainty for Irish firms who trade with the UK continues, following the extension of trade negotiations between the UK and EU.
The longer the negotiations continue there is a glimmer of hope of a deal, according to John O'Loughlin, Global Trade and Customs partner with PwC Ireland.
"That has to be the objective for both negotiating teams and governments at this stage," Mr O'Loughlin said.
"It is so strategically important for Ireland that we get a deal. Businesses do need certainty at this stage," he stressed.
Tariffs will be the main difference for businesses importing or exporting if there is no deal, but there will be a change to trading arrangements between Ireland and the UK regardless.
There are key actions that the customs expert said can be taken before the end of the year.
- Determine contractually who is responsible for import and export activities.
- Get an EORI number that allows import and export activities to take place
- Get a VAT number to ensure VAT recovery
- Have a method of payment for customs duties so if duties become owed, there is a method of paying those duties
-Engage a customs broker who will lodge a customs declaration on your behalf, and then understand if there is any non-tariff barriers such as food certification, animal origin products etc.
Mr O'Loughlin said, "with very little time, these are the steps that can be taken by the end of the year".
