On 24 December 2020, negotiations between the United Kingdom (UK) and the European Union (EU) to conclude the UK-EU Trade and Cooperation Agreement (UK-EU TCA) ended in agreement. The UK-EU TCA, assuming it’s ratified, will govern the UK and EU’s economic and trading relationship after the end of the Brexit transition period on 31 December 2020 at 23:00 GMT.
The UK-EU TCA (or the avoidance of a no deal outcome) does not remove the need for businesses to make changes to their operations, but it does bring some certainty on many of the new trading rules that will apply after the end of the transition period, most notably tariffs.
Businesses now have less than three working days prior to 1 January 2021 to understand the new trading relationship and implement any changes in order to continue to trade effectively between the UK and EU from 2021 onwards.
Source EY
