Brexit Impact on Cross-Border Transport and Trade

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1Q 2021 | IN-6052

 

Little Time to Adapt

NEWS


The United Kingdom and the European Union trade deal began implementation this past January 1st. Now, the United Kingdom is no longer part of the single market and customs union, which significantly alters how the two parties trade with each other. The E.U.-U.K. Trade and Cooperation Agreement means there will be no tariffs or quotas on most goods, which will protect U.K. consumers from higher costs associated with import tariffs. However, there are new bureaucracies, placing pressures on businesses and creating trade friction between the United Kingdom and the European Union. Trade now occurs on more restricted terms. The timing of the announcement came just a week before implementation and left little time for businesses to adapt.

Documentation and Delays Increase

IMPACT


The changes primarily involve border checks for customs declarations, rules of origin, product safety certificates, and food inspections on all imported and exported goods. No agreement on conformity assessment or mutual recognition of standards means that checks for product s…

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