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UK-EU Free Trade Agreement Pending
Since Brexit, British Prime Minister Rishi Sunak has been hard at work with a new trade agreement know as the “Windsor Framework” to respect the “legitimate” interest of the respective markets. Brexit happened on Jan 31, 2020, and the Northern Ireland Protocol has been a subject of persistent disagreement since then.
The Windsor Framework is a proposed post-Brexit legal agreement between the European Union and the United Kingdom which was announced on February 27th, 2023.
The prime minister signed the new trade deal on Monday February 27th,2023 with the European Union which is designed to remedy the problems caused by the Northern Ireland Protocol.
While exact details of the new agreement weren’t available immediately, there are three main components to the deal. The deal includes safeguarding trade flows within the UK, protecting Northern Ireland’s place within the UK, and granting the region`s assembly in Stormont a say over the new rules with the introduction of a “Storemont brake.” The new arrangements mean that moving goods from Great Britain to Northern Ireland will now be vastly simplified, benefitting citizens and businesses in Northern Ireland alike. At the same time, Northern Ireland will continue to benefit from their access to the EU Single Market for goods.
If you have any questions about how this may impact your business please contact Allyn at sales@allynintl.com.
Contributor: Jennifer Martinez
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Allyn International is dedicated to providing high quality, customer centric services and solutions for the global marketplace. Allyn's core products include transportation management, logistics sourcing, freight forwarding, supply chain consulting, tax management and global trade compliance. Allyn clients range from small local businesses to Fortune 500 firms. Allyn conducts business in more than 20 languages and has extensive experience in both developed and emerging markets. Highly trained experts are positioned throughout North and South America, Europe and Asia. Allyn’s regional headquarters are strategically located in Fort Myers, Florida, U.S.A., Shanghai, P.R. China, Prague, Czech Republic, and Dubai, U.A.E. For more information, visit www.allynintl.com.
Sources: https://ec.europa.eu/commission/presscorner/detail/en/qanda_23_1271