The United Kingdom`s exit from the European Union has brought about numerous changes in the way business is conducted in the country. One of the key aspects of this change has been the need for the UK to establish continuity agreements with its trading partners.
A continuity agreement essentially ensures that trade between two countries continues uninterrupted even after the expiration of existing agreements. This has been a priority for the UK government, which has been negotiating such agreements with its key trading partners.
One of the notable continuity agreements that the UK has signed pertains to trade with Canada. This agreement, signed in November 2020, ensures continued trade between the two countries under similar terms to the Canada-European Union Comprehensive Economic and Trade Agreement (CETA).
Other key continuity agreements that the UK has signed include those with Norway, Iceland, and Liechtenstein. These agreements ensure that trade between the UK and these countries is not disrupted by Brexit.
Another major continuity agreement the UK is seeking is with Japan. The UK-Japan Comprehensive Economic Partnership Agreement (CEPA) was signed in October 2020 and aims to boost trade between the two countries by reducing tariffs and increasing market access.
Continuity agreements are essential in ensuring a smooth transition for UK businesses following Brexit. This is especially important considering the economic impact of the COVID-19 pandemic. Such agreements provide businesses with the stability and certainty they need to continue trading with their established partners.
In conclusion, continuity agreements are key to ensuring that trade between the UK and its trading partners continues uninterrupted post-Brexit. The UK government has prioritized these agreements and has been successful in negotiating several with its key partners. These agreements provide businesses with the stability and certainty needed to navigate the post-Brexit landscape.