- A transition period is in force until 31 December 2020, and the goal is for the United Kingdom and the European Union to agree on future trade rules by the end of the transition period.
- Starting from 1 January 2021, trade with the UK will be subject to substantial changes, as the UK will leave both the internal market as well as the customs union of the European Union. This means that the free movement of goods, services, capital and people will end, and the UK will become a third country in terms of trade.
- The United Kingdom will become a third country for the European Union, which means it should be taken into consideration that export and import procedures between the United Kingdom and European Union member states will become more time-consuming and complicated.
- We advise entrepreneurs to think about the following in order to manage risks:
- get familier with the new border control system (PDF) in the UK. The new system consists of three stages up until 1 July 2021 and gives the businesses extra time to make necessary arrangements;
- find out how goods are currently exchanged with third countries (customs issues, mutual recognition, product labelling, standards, etc.);
- read the European Commission's communication on readiness at the end of the transition period between the European Union and the United Kingdom, which outlines changes that will occur in any scenario;
- read the European Commission's readiness notices with information about upcoming changes and potential consequences;
- for preparations of companies operating in the United Kingdom, please consult the Brexit readiness checklist of the European Commission;
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