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Port of Tyne welcomes news that the UK will seek to create Free Ports

The Port of Tyne in North East England is one of the UK’s major deep-sea ports, a vital trading gateway to global markets. Handling 4.5 million tonnes of cargo each year, operating one of Europe’s largest automotive terminals; its operations provide solutions to some of the UK’s biggest blue-chip companies. The Port of Tyne is an advocate of Free Ports, believing that they present the best compromise arrangement if the UK leaves the EU. Matt Beeton, Port of Tyne Chief Executive Officer, said: “We welcome the announcement today from the Trade Secretary and look forward to progressing our Free Port application.” The Port of Tyne is championing a concept for Free Ports that has proved successful in other areas of the world, one that establishes multi-site Free Port designation zones supported by virtual corridors, or ‘Virtual Free Ports’ that seek to benefit manufacturing with complex supply chains, Enterprise Zones and other areas of interest that will be hardest hit by Brexit. It’s a concept that will bring the most benefit to advanced manufacturers in the North East and those seeking to attract new investment with quick routes to global markets. Just like a geographic Free Port, a Virtual Free Port would sit outside of UK customs and offer the ability to avoid tariffs until the point of export and significantly reduce the complex process of administration of customs helping large organisations and indeed, SME’s. Matt Beeton, added: “The Government’s Free Ports Advisory Panel now have the opportunity to consider the complex needs of manufacturers like Komatsu, Nissan and others and create solutions that safeguard businesses and jobs whilst stimulating further foreign investment into the wider region. “We strongly believe a Free Port covering the region’s major ports, advanced manufacturing cluster and enterprise zones has the potential to supercharge regional growth by unlocking post-Brexit opportunities in new and existing supply chains.”

This was posted in Bdaily's Members' News section by Lisa Donohoe .