In June 2016, the United Kingdom (“UK”) voted in a referendum to withdraw from the European Union (“EU”) (“Brexit”). After years of negotiation, the UK finally withdrew from the EU on 31 January 2020.
A transition phase has been foreseen until the end of 2020, during which the UK will continue to have access to the internal market and will participate in the customs union. Details of a trade agreement between the UK and the EU will have to be worked out during the 11-month transition period. Failing to reach an agreement, the UK faces the prospect of having to trade without an agreement in place.
Belgium is one of the countries most vulnerable to Brexit due to its strong trade links with the UK. Almost 9% of total exports from Belgium are destined for the UK and nearly 5% of Belgium’s total imports come from the UK. Brexit is about more than the potential for tariffs and customs procedures to be re-introduced. Significant regulatory issues may arise, new dispute settlement procedures are likely to be needed and the cost of doing business with the UK will rise.
The purpose of this website is to keep you well informed about the legal implications of the upcoming events.
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