While the transition period, following the United Kingdom’s departure from the EU last February, will end on 31 December 2020, the two sides reached an agreement on 24 December 2020 which includes a trade and cooperation agreement aiming at regulating trade between the EU and the United Kingdom.
From a customs standpoint, it is imperative to bear in mind that this agreement will not exempt operators from export and import customs formalities, which are restored for each flow of goods, since the United Kingdom will be fully treated as a non-EU country as of 1 January 2021.
In terms of customs facilitations and favorable rules, it should be noted that this agreement is ambitious and offers to operators various practical novelties.
A breakdown by our Customs and International Trade team.
