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Tuesday, October 3, 2023

UK – EU Trade deal agreed for Brexit

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It has been a long journey, but we have finally arrived at a Brexit deal. For months the public were under the impression the government was leaning more towards a no-deal Brexit.

Considering previous agreements were rejected, it is hard to stay positive. As of December 31st, Britain will no longer be part of the EU, Single Market & Customs Union.

Brexit Trade Agreement Highlights

The trade agreement is concise, yet extensive but we’ll highlight a few of most sought after:

• UK goods no longer benefit for free movement of goods, leading to more red tape for businesses and adjustments in EU-UK supply chains. However, there are now no tariffs or quotas on the movement of goods, ensuring low prices for customers.
• In regards to fishing, the UK becomes an independent Costal State and is free to decide on access to its waters and fishing grounds. This benefit advocated for heavily by the ‘Vote Leave’ camp.
• The new arrangements ensured sustainable management of fish stocks in EU & UK waters. The transition process, however, will take 5.5 years. So, in that time the fishing arrangement remains unchanged with gradual transfer of EU quotas to the UK.
• UK professional qualifications are no longer recognised automatically: Doctors, nurses, dentists, pharmacists, vets, engineers or architects must have their qualification recognised in their practicing member state.

This deal also boosts all EU leaders and British MPs involved in the trade talks , although some are not satisfied.

President of the EU commission, Ursula von der Leyen said: “Negotiations were difficult … but it was such a wide-reaching agreement … that it was worth fighting for it.”

“Competition in our single market will be fair and remain so. The EU rules and standards will be respected. We have effective tools to react if fair competition is distorted and impacts our trade.”

“For the British people the deal delivers the objectives of the 2016 referendum and the 2019 election, and it will bring significant benefits for both the U.K. and the EU,” a government spokesperson added.

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