Banning International – Brexit Update
10 September 2020
Time runs out in talks on a free trade deal!
The European Commission made it clear son Wednesday that overwriting key parts of the EU withdrawal agreement concerning Northern Ireland is an unacceptable breach of the Brexit treaty. The move of the UK is most unwelcome and damaging from a political and economic perspective. As for the latter, it is of paramount importance to protect the European goods market by implementing strict boundaries on UK state-aid decisions and customs checks. However, what happened this week is extremely worrying as it appears that there is no “landing zone” for an agreement in sight.
It is time to mitigate and downside risks!
- Have you considered the legal implications of a Brexit concerning trade transactions (for example, liability risks)?
- Have you identified data protection issues?
- Have you analysed your distribution and supply chain contracts? (consider adapting your standard contract documentation and apply for national IP rights (trademarks/patents)
- Have you reviewed the status of your British and Northern Irish employees based in Europe and your European employees based in the UK?
- Have you examined ongoing M&A transactions with UK businesses?
- Have you taken into account that the UK is considered as a third party from a EU legislative perspective?
Our multidisciplinary team of Brexit experts is ready to help you! Feel free to contact us.
8 September – Leaked diplomatic cables: EU has lost faith in UK’s trade talks
Today, it has become clear that the UK has no intention to struck a deal which duly takes into account the interests of European businesses. It follows from leaked diplomatic cables that Boris Johnson is aiming for a last-minute “trade-off” by expressing no willingness to compromise on vital elements for the European market, such as the European fishing fleet, state aid and dispute resolution. This strategy most likely will result in a bare-bones Brexit of a ‘no-deal’ exit. It is, therefore, time to act now to mitigate and downside risks!