Brexit: the EU agrees to negotiate a transition period until 31 December 2020
On 29 January, the Council of the EU adopted the EU mandate to negotiate the transition period with the UK, which would end on 31 December 2020. During this period, the UK would be bound to the obligations of the 70 EU FTAs, but the application of the benefits of these FTAs to the UK would depend on the accord of the trade partner involved. However, it is important to emphasize that companies should not take a transition period for granted, since it still depends on the effective conclusion of the negotiations of the conditions of withdrawal.
In the case where there is no transition period, companies trading goods that require an import or export license are at special risk. As of March 2019, if no transitional arrangement states otherwise, shipments of controlled goods from the EU-27 to the UK and vice-versa will require such a license, which can take the form of an authorisation/approval/notification of shipments. The concerned goods include certain hazardous chemicals, dual use foods, etc.
Have you already prepared your impact assessment?
Do you have a clear view of what is at stake for our company in terms of financial costs and regulatory risks? Have you thought about taking this opportunity to go one step further and automate your customs declarations?
Customs4trade can be your partner to overcome the Brexit challenge. We can assist you in the preparation of an impact assessment, which would provide your company with a clear view of the risks and opportunities at stake, including the regulatory risks. Furthermore, Customs4trade has developed a tailored IT solution to automate customs formalities which is successfully employed in the UK. This solution can offer you the opportunity to offset the increase of costs resulting from Brexit.
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