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ARTICLE · 28 MARCH 2018

EU And UK Transition Period Trade Terms

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In addition, third countries may also want to await the outcome of the U.K.-EU negotiations before concluding any new FTA with the U.K.

GlobalInternational Law
Jasper Helder
Jasper Helder
Daniel Lund
Daniel Lund
Chiara Klaui
Chiara Klaui
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Key Points

  • The U.K. and the EU have agreed on the substantive trade elements of the legal text set to govern the U.K.'s withdrawal from the EU (the "Withdrawal Agreement"). If the other outstanding elements of the Withdrawal Agreement are also agreed, then it will be scheduled to be in place from March 29, 2019 until December 31, 2020 (the "Transition Period").
  • The parties have agreed that, during the Transition Period, the U.K. will be allowed to pursue an independent trade policy while remaining within the EU Customs Union. However, the U.K. will be required to adhere to obligations arising under the EU's existing free trade agreements (FTAs) with third countries.
  • The EU has also formally approved Guidelines for the negotiation of the permanent future trading relationship with the U.K. after Brexit. For the moment, the Guidelines take the form of a declaration issued by the European Council. Both parties aim to have the framework of an ambitious FTA ready

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