The EU-UK Agreement Explained: What You Need to Know
In December 2020, the European Union (EU) and the United Kingdom (UK) reached a historic agreement on their post-Brexit relationship. The agreement covers a wide range of topics, including trade, security, and cooperation in areas such as transport, energy, and science. In this article, we’ll break down the key elements of the EU-UK Agreement and what they mean for businesses and individuals on both sides of the Channel.
Trade and Customs
The EU-UK Agreement establishes a comprehensive free trade area between the EU and the UK, which means that there will be no tariffs or quotas on goods traded between the two sides. However, this does not mean that trade between the EU and the UK will be completely frictionless. The Agreement includes provisions on customs procedures, rules of origin, and sanitary and phytosanitary standards, which will require businesses to comply with new regulations when exporting to or importing from the other side.
Services and Investment
The Agreement also covers the provision of services and investment between the EU and the UK. However, it falls short of the level of market access that existed before Brexit, particularly in financial services. The Agreement includes provisions on mutual recognition of professional qualifications and temporary entry for business purposes, but businesses in the services sector will need to adapt to new rules and regulations when operating in the EU or the UK.
Transport and Energy
The EU-UK Agreement includes measures to ensure continued cooperation in areas such as aviation, road transport, and energy. For example, it provides for continued air connectivity between the EU and the UK, subject to certain conditions. It also allows for continued cooperation in the development of renewable energy sources and cross-border electricity trading.
Security and Law Enforcement
The Agreement includes provisions on cooperation in the areas of law enforcement, criminal justice, and security. It provides for continued access to key EU databases, such as the Schengen Information System and the European Criminal Records Information System. It also includes measures to prevent and combat terrorism and serious crime, as well as provisions on data protection and privacy.
Conclusion
The EU-UK Agreement represents a significant milestone in the relationship between the EU and the UK. While it creates a framework for continued cooperation in many areas, businesses and individuals will need to navigate new rules and regulations when operating across the Channel. As always, it’s important to stay informed and seek expert advice to ensure compliance with the EU-UK Agreement and any other relevant regulations.