Brexit: The Transition Period and Future Trading Relationship

Posted by Matt Springate
Blog originally posted on 01/02/2020 03:00 AM

Tradelane-Header-Brexit

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 our 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.

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Topics: Europe, Brexit

Blog originally posted on 01/02/2020 03:00 AM

Matt Springate

Written by Matt Springate

As Principal for Tradewin’s US consulting practice, Matt brings extensive experience in working with importers and exporters to perfect their compliance operations. He specializes in duty recovery programs, preferential trade agreement qualification, tariff classification, prior disclosures, and audit support. Preceding this role, Matt was Principal of Tradewin’s European practice for five years, based in the United Kingdom. There, he managed a team of consultants across multiple European countries providing both tactical and advisory services for customers. Prior to relocating to the UK, Matt served as Tradewin’s Manager of U.S. Duty Drawback services, and as an Advisory Services Consultant. Matt holds a Master of Arts degree in Diplomacy and International Commerce from the University of Kentucky and a Bachelor of Arts degree in Political Science from Furman University. He is a Licensed Customs Broker and is IATA/FIATA Certified. Matt is based in Boston, Massachusetts.