Mon. Dec 6th, 2021

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Withdrawal Agreement Overview

2 min read

Freedom of movement will continue until the end of the transition (or transposition) period, and EU and UK nationals will be able to travel to the UK or Member States, as currently permitted by EU law. EU citizens living in their host country before the end of the transition have a right of permanent residence under the Withdrawal Agreement, subject to certain requirements. The UK and EU27 have the discretion under the agreement to require EU or UK nationals to apply for a new residence status. During the transition period, the UK and the EU-27 will seek to conclude the agreement that will underter their trade relations after the end of the transition period. Based on the revised political declaration, the objective of the EU and the UK appears to be to conclude a far-reaching but “classic” free trade agreement to cover goods, services and investment. The political declaration is thin in detail, but trade in goods will be based on a free trade agreement that will ensure that there will be at least no tariffs or quotas, as well as some degree of regulatory alignment with the EU. However, due to the free trade agreement, customs controls will be necessary, requiring each party to prove that the goods originate in their respective customs territories in order to benefit from duty-free treatment. This means that the UK and the EU-27 must now agree on detailed rules of origin. This is probably a complex and time-consuming process. At the very least, businesses need to think about the rules of origin they want to see for different products and start lobbying for them once the UK and the EU start negotiating the new free trade agreement.

It is encouraging to note that the scope of the future trade agreement appears to include services, including financial services and investment (although the broad outlines are again thin in detail) and offers assurance that the agreement on the future relationship will allow for a liberalisation of trade in services that will go far beyond the COMMITMENTS made by the UK and the EU in the WTO. The agreement defines the goods, services and associated processes. It argues that any goods or services lawfully marketed before leaving the European Union may continue to be made available to consumers in the United Kingdom or in the States of the European Union (art.




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