Navigating the Compliance Maze: How TETA Can Help Align UK Supply Chains with Upcoming EU Regulations.
The urgency for businesses to prove their compliance with environmental and trade regulations has never been greater.
A recent report in the Financial Times highlights the concerns of UK supermarkets about aligning their supply chains with new EU rules on deforestation.
With the clock ticking, companies have a narrow window to adapt. This is where the Technology Enabled Trading Alliance (TETA) offers a timely solution. Comprising industry leaders like Trade In Space, Bia Analytical, Vetaverse, Customs Plus, and ubloquity, TETA provides an integrated approach to compliance that is in sync with evolving international standards.
The Deforestation Challenge and Regulatory Gaps
The Financial Times report underscores the supermarkets’ call for the UK government to expedite legislation that mandates “deforestation-free supply chains.” Despite the 2021 Environment Act, secondary legislation to enforce compliance is still pending. This leaves UK supply chains exposed, especially with the EU’s stringent regulations set to take effect at the end of 2024. The absence of a unified due diligence system further complicates matters, making it imperative for businesses to seek alternative compliance solutions.
TETA: A Unified Approach to Compliance
TETA’s collaborative framework offers a unified approach to compliance, filling the gaps left by legislative delays.
1. Trade In Space: Specialising in satellite imagery, this member can provide real-time verification of deforestation-free zones, aligning with EU requirements for sustainable sourcing.
2. Bia Analytical: With its Ambient Mass Spectrometry technology, Bia Analytical can verify the composition of products like soya, cocoa, and palm oil, ensuring they meet EU standards.
3. Vetaverse: This member’s remote witnessing and digitised veterinary attestation can confirm that products meet all necessary health and safety regulations, including those related to animal feed.
4. Customs Plus: Streamlining border control and export certification, Customs Plus can expedite the movement of goods, ensuring they meet EU timelines.
5. ubloquity: As a blockchain specialist, ubloquity can securely and transparently record all transactions and verifications, providing an immutable history that aligns with EU requirements for traceability.
The Road Ahead
While the UK grapples with legislative inertia, TETA’s integrated technologies offer a proactive solution. The alliance is not just a stop-gap but a long-term strategy for compliance that can adapt to evolving international standards.
The Financial Times report serves as a wake-up call for UK businesses. As EU regulations loom, the need for a unified, transparent, and efficient compliance system is urgent. TETA offers a collaborative approach that can help UK companies not just navigate but thrive in this complex regulatory landscape. In a world where proving compliance is as crucial as claiming it, TETA provides a roadmap for success.
Join us in this transformative journey to make compliance a cornerstone of your business strategy, ensuring alignment with both domestic and international standards.
Reference FT article: https://www.ft.com/content/dc6a3d54-5235-44b6-9f14-fc321a5d0754