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Report: UK to add firms in customs system to ensure trade with EU after Brexit

The U.K. government will register exporters in a customs system in the next two weeks to support seamless trade with the European Union after Brexit on Oct. 31, Bloomberg News reported, citing a statement from the Treasury.

The tax and customs authority will automatically enroll more than 88,000 firms in the system by issuing them with Economic Operator Registration and Identification numbers, without which companies would not be able to trade with the EU once Britain exits the bloc. Of the 240,000 British companies that would need an EORI number after Brexit, only 72,000 have requested for one so far, Bloomberg said, citing an estimate from the tax regulator.

The British Chambers of Commerce reacted positively to the "long overdue" move, while adding that businesses "still need clarity on many other cross-border trade issues."