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The word is out: EU and UK reach new Brexit deal
On 17 October, EU and UK negotiators have reached a new Brexit agreement. Flanders Investment & Trade welcomes this positive development, as a hard Brexit is to be avoided at all costs to safeguard the economy. The deal that’s currently on the table still needs to be approved by the European Council as well as by both the British and European parliaments.
Transition period as of 1/11/2019
In the event of such an approval, a transition period will start after 31 October 2019, lasting until at least 31 December 2020. During this time, various international trade aspects will remain the same. For example, no import duties will be introduced yet and the free movement of persons and goods will be maintained for the time being.
New trade agreement in the making
During the transition period, the EU and UK will also negotiate a new trade agreement in an attempt to avoid import duties on goods even after Brexit. However, right after the transition period, businesses on both sides of the Channel will have to deal with customs formalities and other non-tariff barriers between third countries.
In the meantime, you can always reach Flanders Investment & Trade (FIT) for advice and assistance tailored to your company’s needs. To this end, FIT and its structural partners continue to follow up on new Brexit developments.