The UK is leaving the EU end of this week and British businesses have eleven months to get to grips with being outside the European market and prepare for a new commercial environment. But what does that mean? and can you prepare?
From 2021 the legal underpinning of all our dealings with the EU will be replaced by a Free Trade Agreement. We will buy from, and sell to Europe as a business from a country outside the EU, a so-called “third country”. Many such countries are happily trading with the EU, but on different terms than that EU members are applying among themselves. Businesses from outside the EU have more paperwork, costs, and in some cases can be denied access to the EU market because of their nationality. A trade deal can only do so much to mitigate these frictions.
The best preparation for third country status is to look at how other non-EU businesses trade with the EU. In particular, how Canadian companies do business there, because that’s our future. If you want to find out what this means for your products and margins, don’t listen to politics. Instead, have a look at what is said about market access for your sector or product in CETA, the Comprehensive Economic and Trade Agreement between Canada and the EU. Alternatively, check the EU notices for stakeholders that spell out what it means to trade with the bloc as a country from outside the EU. This is how you prepare for 2021 and get ahead of those who don’t.
I have in-depth knowledge of the EU, its legal framework, institutions and trade policy. I have developed and used this expertise over two decades. I now apply my skills to help businesses through…
Post articles and opinions on London Professionals
to attract new clients and referrals. Feature in newsletters.
Join for free today and upload your articles for new contacts to read and enquire further.
