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EU scheme ''could save manufacturers large sums''

1 March 2010
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EU scheme ''could save manufacturers large sums''Manufacturers interested in operations management could make use of a new European Union (EU) scheme to reduce their import costs.

According to the Department for Business, Innovation and Skills (BIS), which is promoting the initiative, companies could save substantial sums through the EU Duty Suspensions & Tariff Quotas Scheme.

Under the system, eligible manufacturers can import materials required to make items that cannot be sourced within the EU from overseas duty-free.

"This scheme can help businesses save much-needed cash during these tough times, offering them the opportunity to grow and expand their company," trade, investment and small business minister Lord Davies said, urging companies to contact BIS to determine whether they are eligible.

Businesses based in the UK are currently saving an estimated €30 million (£27.2 million) annually through the scheme, a figure that is rising as awareness grows among manufacturers of the opportunities it represents.

Those involved in manufacturing management are advised to speak to the BIS Trade Policy Unit about duty-free importation of raw materials, components and semi-finished products unavailable within the EU.ADNFCR-3058-ID-19643009-ADNFCR
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