The impact of the EU-UK Free Trade Agreement on the UK economy

Syrrakos, Dimitrios ORCID: https://orcid.org/0000-0002-2173-9811, Shand, Rory ORCID: https://orcid.org/0000-0002-4117-7318 and Simpson, Kathryn ORCID: https://orcid.org/0000-0002-9445-2256 (2022) The impact of the EU-UK Free Trade Agreement on the UK economy. In: Doing Business After Brexit: A Practical Guide to the Legal Changes (2nd edition). Bloomsbury Professional, pp. 15-26. ISBN 9781526520364 (paperback); 9781526520395 (online); 9781526520388 (ebook)

Preview

Accepted Version Available under License In Copyright. Download (268kB) | Preview

Abstract

The end of the Brexit transition period and the implementation of the EU-UK Free Trade and Cooperation Agreement has added to the UK heightened economic uncertainty caused by the pandemic lockdowns. The structural changes brought about by the agreement involve new regulations governing trade between the UK and the EU-27 based on zero tariffs and quotas in goods but with significant non-trade barriers such as extra administrative burdens caused by certifying rules of origin. Quite tellingly financial services are hardly covered in the agreement. The implementation hurdles to date point to a steep learning curve for both sides, as there is need for constant observance and surveillance of its practical applications and implications. Tensions from the implementation of the Northern Irish Protocol and demarcation of fishery territories for example are ongoing and have the potential to derail some of the agreement’s key principles.