In January 2021, the transition period for the United Kingdom (UK)’s departure from the European Union (EU) ended and the UK and the EU started to apply a provisional agreement on their trading relationship, the Trade and Cooperation Agreement (the TCA). That agreement was finally adopted on 29 April 2021 and took full effect at the beginning of May.
The departure has major consequences for businesses. Under the TCA generally there are no quotas or tariffs for goods moving between the UK and the EU, provided that the goods concerned originate in the UK and the EU under the TCA’s product specific origin rules, although customs formalities apply. Trade in services also remains possible, although generally on the rules of the country where the service is provided, rather than the home country of the service provider, and with significant variations by sector. Further decisions on data protection adequacy and financial service equivalence are still being considered. In every sector, very specific rules apply. In the field of competition law, new filing obligations with the UK Competition and Markets Authority may arise. There are specific issues as regards special arrangements for Northern Ireland.
We can help businesses adapt to the changing landscape and the risks and opportunities resulting from these changes. Our lawyers are ready to advise clients on all legal aspects related to Brexit, in particular on competition law, State aid, market access, energy, data protection, intellectual property and trade matters.
Lawyers in our Brexit Group bring more than 30 years of experience in all aspects of EU regulatory law. The team includes partners in Brussels, London, Frankfurt, Berlin and Washington DC.
If you would like assistance on these issues, please contact John Ratliff in Brussels, or Cormac O’Daly in London, or other members of the Brexit Group indicated below.