Brexit: The Trade and Cooperation Agreement – What has Changed?
The United Kingdom ceased to be a member of the European Union on 1 February 2020. With the end of the transition period on 31 December 2020, the UK finally left the Single Market and the Customs Union. All EU provisions no longer apply to the UK. The ending of the free movement of people, goods, services, and capital brings with it far-reaching changes for both Britons and nationals of EU member states well as for businesses. Our German lawyers for Brexit affairs will provide you and your business with comprehensive legal service and thorough advice on all issues relating to the law and the changes brought upon by Brexit.
To mitigate the obstacles to cross-border trade, mobility, and exchange, the UK and the EU agreed on a draft Trade and Cooperation Agreement on 24 December 2020. This still requires the European Parliament’s approval and adoption by decision in the Council of the EU. Additionally, ratification must still take place in the United Kingdom. However, the agreement will initially enter into force provisionally from 1 January 2021.
This partnership agreement is intended to regulate relations in the future and includes a comprehensive free trade agreement, regulations on a partnership in the area of security for citizens, as well as provisions on the implementation and monitoring of the agreement. In the following, we would like to give you an overview of some important regulatory aspects and outline the services our law firm offers in the area of Brexit.