{"id":980,"date":"2020-04-14T09:05:56","date_gmt":"2020-04-14T09:05:56","guid":{"rendered":"https:\/\/newsbites.hktdc.com\/?p=980"},"modified":"2023-03-23T11:39:41","modified_gmt":"2023-03-23T03:39:41","slug":"post-brexit-trade-agreement","status":"publish","type":"post","link":"https:\/\/newsbites.hktdc.com\/markets\/post-brexit-trade-agreement\/","title":{"rendered":"EU Publishes Draft Post-Brexit Trade Agreement With The UK"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"980\" class=\"elementor elementor-980\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-238b8255 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"238b8255\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-179096a7\" data-id=\"179096a7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c49aa3b elementor-widget elementor-widget-text-editor\" data-id=\"c49aa3b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p><span style=\"color: #000000;\">As of 31 January 2020, the<\/span> <a href=\"https:\/\/www.bbc.com\/news\/uk-politics-32810887\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #00ccff;\">UK is no longer part of the European Union<\/span><\/a><span style=\"color: #000000;\">. However, many details still need to be ironed out before Brexit is fully complete \u2013 including the establishment of a new free trade agreement between the two regions. While existing trade regulations will still be followed until 31 December 2020, the untimely arrival of the<\/span> <span style=\"color: #00ccff;\"><a style=\"color: #00ccff;\" href=\"https:\/\/www.theguardian.com\/politics\/2020\/mar\/30\/extend-brexit-transition-by-years-over-coronavirus-uk-told\" target=\"_blank\" rel=\"noopener\">coronavirus outbreak is hampering negotiation efforts and raises the possibility of an extension<\/a> <\/span><span style=\"color: #000000;\">\u2013 despite the<\/span> <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-britain-brexit\/uks-johnson-says-extension-to-brexit-transition-period-not-being-discussed-idUSKBN2153DQ\" target=\"_blank\" rel=\"noopener\"><span style=\"color: #00ccff;\">British Government&#8217;s insistence on ending the transition period at the stipulated date<\/span><\/a>.<\/p>\n<p><\/p>\n<p><\/p>\n<p><span style=\"color: #000000;\">Although negotiations have been temporarily postponed, the European Commission has drafted a<\/span><span style=\"color: #00ccff;\"> <a style=\"color: #00ccff;\" href=\"https:\/\/ec.europa.eu\/info\/publications\/draft-text-agreement-new-partnership-united-kingdom_en\" target=\"_blank\" rel=\"noopener\">legal agreement<\/a><\/span><span style=\"color: #000000;\"> outlining the future of the EU-UK trade partnership. If your business operates within the two geographies, here are some important points to note:<\/span><\/p>\n<p><span style=\"color: #000000;\"><\/span><\/p>\n<p><\/p>\n<ul class=\"wp-block-list\">\n<li><span style=\"color: #000000;\">The EU is willing to establish a free trade zone, where \u201ccustom duties on goods originating in the other party shall be prohibited\u201d<\/span><\/li>\n<li><span style=\"color: #000000;\">Non-tariff barriers will be sought as part of any agreement, in addition to the promotion of public procurement and digital trade<\/span><\/li>\n<li><span style=\"color: #000000;\">\u201cRobust commitments\u201d will be sought to ensure fair trade across social, environmental and competition standards \u2013 emphasising that the future of the EU-UK relationship \u201ccan only deliver benefits in a mutually satisfactory way if it prevents distortions of trade and unfair competitive advantages\u201d<\/span><\/li>\n<li><span style=\"color: #000000;\">An arbitration tribunal would be set up to issue rulings and impose non-compliance fines \u2013 with the Court of Justice of the European Union dealing with disputes or concerns over EU law (although the UK had been adamant about leaving the jurisdiction of EU courts once the transition period ends)<\/span><\/li>\n<\/ul>\n<p><\/p>\n<p><\/p>\n<p><span style=\"color: #000000;\">However the EU\u2019s proposed terms may not line up with internal UK interests, signifying the importance of further negotiations amidst the ongoing epidemic. For more details on the draft agreement,<\/span> <span style=\"color: #00ccff;\"><a style=\"color: #00ccff;\" href=\"https:\/\/hkmb.hktdc.com\/en\/1X0AKEIC\/hktdc-research\/EU-Publishes-Draft-Agreement-for-EU-UK-Future-Relationship-as-Trade-Negotiations-Are-Postponed\" target=\"_blank\" rel=\"noopener\">click here<\/a><\/span>.<\/p>\n<p><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>As of 31 January 2020, the UK is no longer part of the European Union. However, many details still need to be ironed out before &hellip; <\/p>\n","protected":false},"author":2,"featured_media":5032,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,368],"tags":[214],"class_list":["post-980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","category-regulatory-alerts","tag-brexit"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>EU Publishes Draft Post-Brexit Trade Agreement With The UK - HKTDC Newsbites<\/title>\n<meta name=\"description\" content=\"As of 31 January 2020, the UK is no longer part of the European Union. 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