On 29 April 2021, following approval by the European Parliament two days earlier, the Council adopted a decision on the conclusion of the EU-UK Trade and Cooperation Agreement and the Security of Information Agreement. This is the last step for the EU in ratifying the post-Brexit agreement. Both agreements entered into force on 1 May 2021.
The conclusion of the Trade and Cooperation Agreement will bring legal certainty to the new relationship between the EU and the UK.
Speaking after news that the Trade and Co-operation Agreement has been ratified, Hannah Essex, Co-Executive Director of the BCC, said:
“It is now vital that both the UK and EU work together to alleviate the significant disruption and difficulty which many firms continue to report, especially with further changes still to come.
“The UK and the EU must now get back around the table and continue talks so they can build upon the arrangements set out in the TCA to deliver long-term improvements to the flow of trade between them.”
Collaboration and support for business will be very important for the UK, at a time that, according to the BCC, by Q1 2021, 41% of UK exporters reported a decrease in export sales, while only 20% reported an increase. This follows a major BCC survey in January which found that 49% of exporters reported difficulties adapting to changes to trade in goods rules.
To read the full BCC Trade Confidence outlook report, please click here.