Trade with the United Kingdom – There is no cooperation agreement yet, Albania’s budget loses 133.4 million ALL

After the departure of the United Kingdom from the European Union, the budget of our country has lost about 133.4 million ALL, due to the lack of a trade agreement between the two countries. This is because the Stabilization and Association Agreement between the European Communities and Albania ceased to apply on January 1, 2021, when Britain completely seceded from the EU, while the new bilateral agreement did not enter into force on the same date. For this reason, from 1 January 2021 until the date of entry into force of this agreement, goods originating from the British side imported into Albania have no preferential treatment.

According to official data, from the missing revenues in the budget, 111.15 million ALL are customs duties and 22.24 million ALL are VAT. Meanwhile, the new agreement is expected to be signed in the assembly, which is expected to be signed between the two countries, which is expected to restore trade relations and continued cooperation and trade between Albania and the United Kingdom, with the same preferential terms and after its exit from the European Union. According to INSTAT data, the value of imports to the UK has increased by about 20% in 2019, compared to 2007, while the share of imports has increased by about 34%.

The main imports during 2019 are machinery / equipment, which account for about 50% of total imports, followed by chemical and plastic products with 20% and food and beverages with about 12%. Meanwhile, exports have increased by 2.3 times in 2019, compared to 2007. The United Kingdom accounts for about 1.4% of our total imports from European Union member states and 0.4% of total exports to the 28 European Union countries.

SCAN

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