In recent months their has been great uncertainty regarding UK & EU trade, especially with the dialogue coming from both trading areas, threats of issuing article 16 and impacts this could have the Free Trade Agreement. This could cause business great concerns whether it be any of the following:
Removal of preferential duty rates
Extra licensing
Potential blocks of goods & services that could be sold
Increase in tariffs
Removal of customs easements
During the last couple of months their has been both positive and negative opinions being brought forward. With the UK threatening to issue article 16 and the EU threatening to great greater tariff & non-tariff trade barriers for the UK.
Although since the appointment of Foreign secretary and Brexit minister Liz Truss, it seems to UK emphasis is now towards finding an agreement rather than creating a Trade War with the EU. This is goods new for business as the threat of further EU actions could create a severe impact for UK trade in services and goods.
According to recent communications from the government to aim is to have the solution for the NI Protocol issues agreed by March, creating much needed assurances to businesses. With a deal / agreement needed to ensure peace and stability in the province. With both sides are intent on trying to reach agreement by the March deadline to get the issue sorted ahead of the May elections in Northern Ireland.
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