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Negotiators from the UK and the EU managed to reach an agreement on a trade deal earlier on Christmas Eve, just days before the country left the EU.
The business community quickly came out and urged EU leaders to quickly agree on a period of adjustment, after they had only three business days left to prepare for the end of the transition period, which expires on December 31.
They say they don’t have enough time at Christmas to implement the recently agreed trade regime, writes The Guardian.
Applications for incorporation period
Stephen Phipson, chief executive of Make UK, which represents British industry, welcomes the Brexit deal, according to the British newspaper.
But he emphasizes that even without the corona pandemic, it’s hard to believe these companies can adapt to a “fundamentally different business model in just one work week.”
Mike Hawes, leader of the Society of Car Manufacturers and Traders, that is, British car manufacturers, has been highly critical of a hard Brexit.
– A phase-in period is crucial to help companies on both sides adapt, says Hawes.
Jonathan Geldart, director of the Institute of Directors, an association of business leaders and entrepreneurs, highlights that while the clock has stopped ticking for negotiations, it has just begun for companies.
– There is an urgent need for guidance on the implementation of this “gigantic text”, he says and refers to the 2000 page trade agreement. UK Prime Minister Boris Johnson encouraged UK people to read the new trade deal after Christmas lunch in a video recording on Twitter, while showing a thick pile of documents.
After an intense day of last-minute adjustments, the deal was announced just before 4 p.m. on Christmas Eve. Both sides were clearly relieved.
Will vote on the agreement on December 30
However, the process is not over. The trade agreement has been sent to the Member States and they are expected to spend two to three days reviewing it. Britain’s Parliament will vote on the deal on December 30, the House of Commons announced, with Boris Johnson holding a majority.
Prominent EU MP David McAllister came out on Christmas Day and warned that trade between the EU and the UK would no longer be as easy as when both sides were part of the internal market and the customs union. He fears far-reaching consequences for individuals, businesses, and public administration after the New Year.
At the same time, he is optimistic and confident that the European Parliament will approve the trade agreement.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
