(58)
Leave us a review
Leave us a review
The UK is set to leave the EU on the 31st January and will then enter an ‘implementation’ or ‘transition’ phase for 11 months, while the new relationship between the EU and the UK is agreed. Such negotiations cannot take place while the UK is still a member, hence the need for this 11-month phase. So does this mean we’re still in ‘Brexit-limbo’? Let’s take a look.
Crucial to our exit from the EU is our need to negotiate trade deals. Most importantly, we need a free trade deal with the EU in order to secure our future relationship and avoid added tariffs or quotas following the transition. Following this, priority negotiations will focus on law enforcement, data security and sharing and immigration once the UK’s freedom of movement ends.
Following the 11 month period of agreements and negotiations, there may be one of three outcomes:
⦁ A confirmed UK-EU trade deal begins, and the new trading partnership comes into force immediately.
⦁ The transition ends and we have no trade deal with the EU. In this instance, the UK would need to trade under WTO terms with the EU, subjecting our goods to tariffs and quotas until such time that a free trade deal is then agreed.
⦁ The transition period is extended, which would need to be agreed by 1 July 2020. The Prime Minister has refused to extend any transition period beyond the end of December 2020.
Without a deal, it is understood that the UK would abide by EU rules which have since become UK law via the EU Withdrawal Act 2018. Following the transition period, the UK could steer away from such rules should the UK courts decide to interpret EU law differently or not to follow changes in future.
Miss. Claire White
W. Why Media
E. claire@whymedia.com