From the beginning of this month, the Brexit transition period has ended. Negotiations to secure a trade agreement between the UK and the EU from 1 January 2021, have completed and we have a deal.
Readers who import or export goods from or to the EU will now need to face the following challenges in addition to those posed by COVID-19:
- Exchange of goods between the UK and the EU should continue with no tariffs, but importers and exporters will need to deal with additional customs regulations and consequent red-tape.
- Delays in supply lines as transport has to deal with border checks and UK ports deal with congestion caused by additional red-tape.
- Exporters to the EU will also need to comply with new regulations as will their EU customers who may also need a license to import goods from the UK.
- Exporters will also need to factor in transport delays if their goods are sent by road.
- The major upside to this outcome is that we now have certainty. Affected businesses would be wise to revise their business plans to accommodate these extra costs due to possible delays and customs charges.
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