How business are gearing up to face it

Paolo Besio Paolo Besio

Economy - 5 February 2020

The transitionary regime will last until December 2020

Here we are: February marked the beginning of the transition period. United Kingdom and European Union now have till the end of the year to discuss and find a free trade agreement. But the path will certainly be a difficult one and full of challenges, not least due to negotiations.

At the end of the transition period, should the withdrawal agreement be approved by both parties but without a definition of the free trade agreement, the situation would be - lacking a further extension - basically similar to that of a hard Brexit, i.e the UK leaving the UE without a deal.

Meanwhile, various documents prepared by the European Commission identify the main topics and, for each, the activities to be implemented in advance to make sure to keep on operating in full compliance with the norms, in this new scenario.