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DAILY NEWS ANALYSIS

  • 24 July, 2020

  • 5 Min Read

Post-Brexit deal

Post-Brexit deal

  • Britain and the European Union wound up their latest round of post-Brexit trade negotiations.
  • Both sides ruled out a quick deal but voiced hope for agreement in the coming months.
  • The UK formally left the EU on 31 January 2020 and immediately entered into an 11-month transition period.
  • During this period, the UK will continue to follow all of the EU’s rules and its trading relationship will remain the same.
  • However, it is no longer part of the EU’s political institutions – so there are no longer any British members of the European Parliament (MEPs) in the European Parliament.
  • The transition gives both sides some time to decide the terms of the future UK-EU relationship.
  • The UK will leave the single market and customs union at the end of the transition.
  • A free trade agreement will allow UK goods to move around the EU without extra charges and keep other barriers (like checks) to a minimum.
  • If an agreement cannot be reached by 31 December, then tariffs (taxes) and full border checks will be applied to UK goods travelling to the EU.
  • A deal has to be reached and ratified by all 27 EU member states and the UK Parliament.
  • Failure to do so would see ties reduced to minimum standards set by the World Trade Organization, leading to high tariffs and serious disruptions to business.

Source: TH


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