This week we feature guest author Matthew Springate, Principal for Tradewin's practice in Europe. Since 1997, Tradewin has been providing expert import and export advice to clients all over the world. Combined, their skilled team of Customs brokers, lawyers, accountants, and other professionals possess more than 400 years of experience. Together, they have helped thousands of clients save more than $50 million in duties, guiding them through the ever-changing and complex arena of international regulations as effortlessly as possible. Tradewin is a wholly-owned subsidiary of Expeditors.
Following a decisive win by the conservative party in a recent UK General Election, on December 20th, 2019 the UK House of Commons approved the Withdrawal Agreement Bill (WAB) governing the UK’s departure from the European Union (EU). In parallel, the bill was approved by European Parliament on January 29th, 2020.
The WAB serves as the agreed-upon text between the United Kingdom and EU establishing the terms of the UK’s departure from the EU.
The WAB was originally negotiated in principle between the UK and the EU. However, the text approved by Parliament contains a few notable changes that will need to be reviewed by the EU prior to approval.
The UK left the European Union on January 31st, 2020. Currently, the UK and EU are in a transition period, ending on December 31st, 2020.
During the transition, the UK and EU would continue to trade with one another as normal.
Negotiations will recommence between the UK and EU at the beginning of February, this time with the ultimate goal of negotiating a free trade agreement (FTA) between the two parties.
To learn more about what the transition period entails and what the future of trading within Europe might look like, download Tradewin's free white paper.
As always, Tradewin is here to help with any outstanding questions on trade compliance concerns as this significant shift in trade relations occurs.