Brexit Future Trade Agreement
September 12, 2021 | Leave a comment
In March 2020, the EU linked the fisheries policy negotiations to the trade negotiations, while the UK wants to distinguish between them.  One point to be negotiated is the length of the agreement: the EU expects a lasting agreement, the UK expects an annual Norwegian agreement compatible with fish biology, fishermen`s aspirations and fisheries science.  The EU may make fisheries concessions to the UK subject to UK financial concessions.  In the absence of an agreement by December 31, many import and export taxes will be introduced, which could drive up prices for businesses and consumers. The United Kingdom expects an agreement on the Canadian model, while the EU considers the proximity and scale of its trade, which conditions a trade agreement like Canada on the adoption by the United Kingdom of “level playing field” measures.  The UK is expected to conclude trade agreements with other third parties (including the EU) within 2-10 years of Brexit. This may include countries with which the EU does not have current trade agreements (including the US, Australia and New Zealand). If it so wishes, the UK could join trade blocs similar to those of EFTA, CPTPP, over similar periods. During the transition period and after its end in December 2020, the UK will formally negotiate trade agreements with other countries.
The first trade agreements to be negotiated (notably: Switzerland, South Korea and Israel) largely replicate the EU`s trade agreements (rollover agreements). These haulage operations were concluded with around 2/3 (in value) of the trading partners with whom the EU has concluded an equivalent agreement. On 13 May, the UK announced the creation of border inspection posts in Belfast Harbour, Larne and Warrenpoint to manage livestock and agricultural food in the Withdrawal Agreement, in line with the Irish Protocol.  The Withdrawal Agreement provides that Northern Ireland will continue to comply with EU legislation on the internal market for agricultural and industrial products.  Any existing EU agreement that is not shaken up will end on 31 December and future trade will take place under WTO conditions until an agreement is reached. HM Treasury recently launched Phase II of its future review of the regulatory framework. The proposals aim to adapt and strengthen the existing regulatory system on the basis of the Financial Services and Markets Act During the 2017 Brexit negotiations (the Withdrawal Agreement), both sides agreed that trade negotiations can only start after the UK`s withdrawal, as such negotiations could not take place if the UK still has veto power within the EU.  For this and other reasons, a transitional period has been set after the Brexit date to allow for these negotiations. .