On 28 April the UK-EU Trade and Cooperation Agreement (TCA) was ratified by the European Parliament. Alongside the UK Parliament’s approval earlier this year, these legislative approvals provide the legal underpinnings for the next chapter in the UK-EU trading relationship.
Following full ratification, the CBI has identified 10 immediate practical actions both sides can take to stabilise relations and strengthen cooperation: ranging from business travel, to goods travelling between Great Britain and Northern Ireland – these actions have been compiled in consultation with businesses of all sizes, shapes and sectors.
Taking these steps will help protect the trading relationship in the years ahead. After the punishing effects on our economies from COVID-19 and Brexit uncertainty, we cannot afford a trading relationship with our largest and nearest neighbour that is not fit for purpose. Our economic recovery, improving levels of business investment and tackling the biggest challenges of our generation depend on it.
The summary of recommendations include:
- Build on the Northern Ireland Protocol
- A bespoke veterinary agreement to reduce SPS checks
- Clarify the rules for business travel.
- Kickstart formal dialogue on the TCA
- Secure the recognition of Professional Qualifications
- Approve UK application to the Lugano Convention
- Extend UK grace periods for product labelling.
- Continue the dialogue on Financial Services and Data
- Advance linkage between the UK and EU ETS schemes ahead of COP26
- Embed close cooperation between customs authorities.