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Brexit – trade and customs arrangements
In this Brexit Bulletin, we discuss trade and customs arrangements; what has been achieved in the last 6 months and the next steps moving forward.
A draft Withdrawal Agreement has been prepared. The Withdrawal Agreement is a treaty between the EU, the European Atomic Energy Committee and the UK which deals with the framework for the future relationship, including citizens’ rights, separation provisions, transitions and financial provisions. The UK and the EU are aiming to finalise and agree the Withdrawal Agreement by October 2018.
After many months of uncertainty, as part of the draft Withdrawal Agreement, a transitional period from 29 March 2019 to December 2020 was announced. This transitional period is contingent on the finalisation of the Withdrawal Agreement. The purpose of the transitional period is to ensure that when the UK leaves the EU on 30 March 2019, the UK’s access to the Customs Union and Single Market does not simply come to an end. The transitional period gives the UK time to negotiate trade deals to allow it to operate outside of the Customs Union and the Single Market, but no such deals can be entered during this time.
Once the Withdrawal Agreement has been finalised, the Withdrawal Agreement and Implementation Bill will be brought forward by the Government. The Bill will confirm the major policies set out in the Withdrawal Agreement and will be directly implemented into domestic law by primary legislation.