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FX.co ★ UK prepares new trade legislation

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Forex Humor:::2020-02-19T07:49:32

UK prepares new trade legislation

The UK has officially left the European Union. Now, the country’s government is set to diverge from EU sanctions and impose post-Brexit trade barriers. Michael Gove, Chancellor of the Duchy of Lancaster, told businesses that trade relations with Europe would undergo significant change. He also pointed out that those who wanted to import goods from the EU should expect inevitable border checks. “You have to accept we will need some friction. We will minimise it but it is an inevitability of our departure,” said Gove. The government is preparing a set of special measures which include declarations, sanitary checks, and border control. “It will be the case almost everybody who is exporting will need to complete customs declarations. It is likely as is the case with [the Canadian trade deal] that there will be some physical checks of those products as well and it will be the case that we will almost certainly need safety and security certificates as well,” he said. Previously, the UK and the EU agreed on a transition period which should end on 31 December, 2020. During this time the parties plan to develop new trade regulations. Moreover, Prime Minister Boris Johnson said that the UK did not intend to go for an extension of the transition regardless of whether they could reach a trade deal.


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