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Brexit certainty at last? An overview of the new EU-UK trading relationship

Auteur
Townsend Matthew
Matthew Townsend

Partner

London

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Harrison Oonagh
Oonagh Harrison

Senior PSL

London

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Challen Lydia
Lydia Challen

Partner

London

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Denny Andrew
Andrew Denny

Partner

London

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Edwards Troy
Troy Edwards

Partner

London

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Finlayson-Brown Jane
Jane Finlayson-Brown

Partner

London

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Lee David
David Lee

Partner

London

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Tom Levine

Partner

London

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Parker Nigel
Nigel Parker

Partner

London

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Penn Bob
Bob Penn

Partner

London

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Stone David
David Stone

Partner, Global Head of Intellectual Property

London

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Naomi Briercliffe

Counsel

London

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Garvey Sarah
Sarah Garvey

Counsel

London

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Benson Jonathan
Jonathan Benson

Senior Associate

London

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Isabella Kelly

Associate

London

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Morreau Sarah
Sarah Morreau

Associate

London

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Neema Sofaer

Associate

London

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Birch Karen
Karen Birch

PSL Counsel

London

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Jacqueline Bore

Life Sciences PSL

London

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Clegg Fleur
Fleur Clegg

Senior PSL

London

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Emma Keeling

Senior PSL

London

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Beverley Potts

Senior PSL

London

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12 januari 2021

Following months of protracted negotiations and coming four and a half years after the UK voted to leave the EU, 24 December 2020 saw the EU and UK finally agree the shape of their future relationship. 

While the Trade and Cooperation Agreement (TCA) runs over 1,200 pages, in many key areas it is essentially a framework for the substantial agreements and arrangements still to be put in place, and a number of its provisions simply mirror the position agreed under other recent EU trade agreements, for example with Japan. The primary focus is on trade in goods where zero tariffs or quotas will be imposed on goods traded between the UK and the EU, provided that they meet the applicable rules of origin.

The end of the EU-UK transition period saw the cessation of Single Market access rights and participation in the Customs Union for the UK. The TCA represents a fundamental change in the trading relationship from 1 January 2021 with substantially reduced market access – particularly in relation to financial and other services. This is principally as a result of the UK being treated as a third country by the EU (and vice versa). Further, while the TCA has largely brought clarity (although not simplicity) in relation to trade in goods, uncertainty remains in a number of key areas.

In this publication, we consider the structure of the TCA, the key provisions most relevant for our clients and the process for ratification.

Aanbevolen