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The Brexit Trade Agreement: Our Summary

We wish you a happy new year – let’s hope 2021 is more stable from a business perspective and that by the end of the year we can return to some kind of “normality”.

The transition period for the UK leaving the EU has ended. The EU and UK have struck a trade deal, and this has been ratified by the UK Parliament: so from 1 January, we are trading with the EU quota, and tariff “free”. 

There are new Customs regulations and VAT requirements to get to grips with, but we have every confidence once we get used to the new systems that imports and exports will continue to flow.

The full agreement is entitled “trade and cooperation agreement between the European Union and the European atomic energy community, of the one part, and the United Kingdom of Great Britain and Northern Ireland, of the other part”. The full trade agreement can be viewed on the government website. 

We’ll be going through the Brexit Trade Agreement – and summarising what you need to be aware of, and where to find the information you need if you are affected.

Metro Newspaper Brexit

What is the Brexit Trade Agreement?

The key points of the Brexit trade agreement are outlined below:

  • Travel – UK nationals will need a visa for stays longer than 90 days in a 180-day period, and there will be new procedures for UK travellers at EU borders.  European Health Insurance Cards (EHIC) will remain valid until they expire. Mobile roaming charges may change, so if you are using your phone abroad, check with your plan provider first.
  • Trade – There will be no tariff charges on goods or quota limits on the amount that can be traded from 1 January. However, there will be Customs checks at borders, and customs declarations will need to be made by exporters from the EU and the UK.
  • Services – UK financial businesses lose their access to EU customers (many larger firms have already established subsidiaries within the EU to continue access). Whilst the UK has granted EU businesses temporary permission to continue servicing UK customers, there is no reciprocal EU agreement for UK businesses as yet.
    We expect regulatory discussions about “equivalence” in 2021, and hopefully an arrangement whereby UK firms will get access to EU customers.  

There is also a Government Brexit checker to assist with the planning for business, family, and personal circumstances. Use the Brexit checker to get a personalised list of actions. You can also sign up for emails to get updates for what you need to do.

The next steps if your business imports or exports goods

The Government has provided guidance and steps to take for businesses that may be affected by the Brexit trade agreement, now we are out of the transition period. We have summarised below where to look if:

For additional information on Brexit changes for citizens, head to the government website.

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