The Brexit transition phase is the period agreed upon in the agreement of UK-EU relations in which the UK ceases to be a member of the European Union but continue to operate and be a member of the customs and trade unions. During this transition phase, they have to work according to the rules and regulations of the European Union. This transition period started straight after the UK left the European Union on 31 January 2020.
For this Brexit transition phase, the UK government address this thing or transition period as an implementation period and not the transition phase. This transition period will enable various businesses and trades to get ready for future arrangements to be made. This transition period is supposed to be restricted to two years or less or until the final agreements or settlements for the UK and European Unions are to enter the scene or agreed upon.
Even if you are a person and do not own a business, it is important to prepare yourself in advance for the transition phase so that you do not get affected by its severe complications. This is going to bring changes in your everyday life as well while the relationship of the UK with the European Union is rejuvenated. There is something you need to know about how these changes in relations will impact the way you deal with different products and services.
The UK has to leave the customs union and a single market
The UK has decided to leave the single market and customs union on 31 December 2020. This is going to take place whether there is going to be a free trade agreement coming under the vicinity of the UK’s stated objectives with the European Union or even in case of when they fail to reach an agreement.
This will have major implications on the businesses, public administrators, and the citizens of the country, not keeping in mind the results of the negotiations to be made between the UK and the European Union. The Chief EU negotiator has also mentioned in February 2020 that even the most flexible free trade agreement between the UK and EU will operate independently by having different markets instead of a single one.
Some of the things that would change after the Brexit transition include the manner in which the goods arriving in the country are checked such as the customs checks or the origin checks of the components used in the manufacturing of the product. Instead, the goods coming into the country have to be in compliance with the EU standards and regular checking will be done for the same purpose. It is also going to take away the rights related to travel and passport from the UK. The changes for the businesses and individuals will also offer a different set of opportunities that can be realized only when the transition phase is completed.
If you are traveling, shifting, or thinking of starting a business with the European Union, you have to take this Brexit transition seriously. And wait till proper guidelines regarding the same come into the public domain. You can read the terms and conditions of Business Registration Services.