BREXIT CHECKLIST
INSIGHT INTO ACTION
HOW TO PREPARE
On 1st January 2021 the transition period for the UK leaving the European Union will end and supply chains must plan for uncertainty as Brexit negotiations are still ongoing. There are currently two likely scenarios:
Free Trade Agreement (FTA)
The UK and EU are negotiating on an FTA that would take effect by the end of the transition period. An FTA would mean, that tariffs and quotas would not be applied on the majority of goods traded between the UK and EU with some exemptions. Customs checks and other formalities will still be required.
WTO terms
If no agreement on an FTA is reached by the end of the transition period, the UKwill trade onWorld Trade Organisation (WTO) terms. Shipments will therefore be subject to customs clearance, inspections and tariffs may be imposed on goods moving between the UK and the EU countries.
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