BRC welcomes UK-EU agreement on Brexit transition period

21 Mar '18

2 min read

The United Kingdom and the European Union (EU) recently agreed on a ‘large part’ of the pact for the former’s withdrawal from the latter. Negotiators termed the deal on a transition period a ‘decisive step’. This transition agreement allows retailers to offer products at competitive prices as it secures tariff-free trade between both sides, said the British Retail Consortium (BRC).

But issues still remain to be resolved, including those related to the Northern Ireland border, according to British media reports. Any hard Irish border would be very bad news for retailers and the consumers they serve, BRC CEO Helen Dickinson said in a statement.

The key aspects of the agreement announced in Brussels are the transitional period from 29 March 2019 to 31 December 2020, EU citizens arriving in the UK between these two dates will enjoy the same rights and guarantees as those who arrive before Brexit, and the United Kingdom can negotiate, sign and ratify its own trade deals during the transition period and will be party to existing EU trade deals with other countries.

Northern Ireland will effectively stay in parts of the single market and the customs union in the absence of other solutions to avoid a hard border with the Republic of Ireland. (DS)

Fibre2Fashion News Desk – India

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