Posted by Claus Andersen, Partner
The UK-EU Trade and Cooperation Agreement
After more than 4 years of debate in the UK since the referendum and after years of negotiation with the EU about, first, a withdrawal agreement and then an agreement setting out how the future trade in some areas between the EU and the UK should work, the UK-EU Trade and Cooperation Agreement was finally signed yesterday by the EU and the UK governments.
Some commentators have referred to the deal as a “thin deal”, because it does not deal with every aspect of the trade between the EU and the UK. One of the most important features of the deal is that it grants tariff – free and quota – free access for UK goods to the EU market. However, I think that it is significant that a deal was agreed, as it could, perhaps, be the basis on which future agreements are reached.
Whilst the deal may not regulate every aspect of trade between the EU and the UK, it does offer some certainty, which businesses have been looking for. As a general guide for businesses dealing with customers and business partners in the EU, they should consider if their activity is regulated by the deal. If their activity is not regulated by the deal, such businesses should examine how the end of the transition period will impact them. It is important to remember that businesses will be impacted in many different ways by Brexit.
We are here to assist you and your business in relation to Brexit related issues. We will also in the coming weeks be publishing further blogs and articles on how Brexit will impact business.
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