Summary Of Withdrawal Agreement

The Declaration on the Future Relationship between the European Union and the United Kingdom, also known as the Political Declaration, is a non-binding declaration, negotiated and signed at the same time as the binding and more comprehensive Withdrawal Agreement in the context of the withdrawal of the United Kingdom from the European Union (EU), commonly known as Brexit, and the planned end of the transition period. If, by the end of the transition period, the EU and the UK fail to reach an agreement on their future relationship guaranteeing the absence of a border between Ireland and Northern Ireland, the “Northern Ireland backstop” will enter into force. In this case, Northern Ireland will be part of the UK customs territory, but it will continue to be adapted to a deposit limit of EU rules, in particular as regards goods. Trade in goods will be affected. There will be regulatory controls on goods that will take place at the place of entry into Northern Ireland from the United Kingdom and not across the land border between Northern Ireland and the Republic of Ireland. In addition, the UK will impose UK tariffs on products from third countries as long as those products arriving in Northern Ireland are not at risk of entering the EU`s internal market. This applies both to goods arriving from Great Britain to Northern Ireland or directly to Northern Ireland. However, the UK will apply EU tariffs to products that are at risk of entering the internal market. This is clearly an extremely complex issue, given that we currently have only a limited understanding of how the issue of entry into the internal market is determined or what steps the UK will take to apply EU tariffs in this case, and what could happen if the goods actually remain in Northern Ireland. Under the agreement, an EU-UK Joint Committee will shed more light on these issues at a later stage.

However, trade in services with the EU must operate according to WTO rules. According to WTO rules, the specific impact for companies varies depending on the sector in which they operate. In some sectors it will only be limited to no changes, while in other sectors there will be additional requirements and standards (usually highly regulated) and even a ban on providing certain services between the EU and the UK. . . .