29 December,2020 10:29 AM IST | London | Agencies
Fishermen are at work in the port of IJmuiden, on Monday. Due to the Brexit deal, Dutch fishermen will be allowed to catch a quarter less fish in British waters in the coming years. Pic/AFP
First came the Brexit trade deal. Now comes the red tape and the institutional nitty gritty. Four days after sealing a free trade agreement with the European Union, the British government warned businesses to get ready for disruptions and "bumpy moments" when the new rules take effect on Thursday night.
Businesses were scrambling on Monday to digest the details and implications of the 1,240-page deal sealed by the EU and the UK on Christmas Eve. EU ambassadors, meanwhile, gave their unanimous approval Monday to the Brexit trade deal with the UK Germany, which holds the EU presidency, said the decision came during a meeting to assess the Christmas Eve agreement.
"Green light," said Germany's spokesman Sebastian Fischer. The UK left the EU almost a year ago, but remained within the bloc's economic embrace during a transition period that ends at midnight Brussels time - 11 pm in London - on Dec. 31. The end to Britain's membership in the EU's vast single market and customs union will still bring inconvenience and new expenses for both individuals and businesses - from the need for tourists to have travel insurance to the millions of new customs declarations that firms will have to fill out.
"I'm sure there will be bumpy moments but we are there in order to try to do everything we can to smooth the path," Michael Gove, the British Cabinet minister in charge of Brexit preparations, told the BBC.
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European Union nations have approved the post-Brexit trade deal with the UK, a prerequisite for the deal to come into operation on New Year's Day. Germany, which holds the EU presidency, said the decision came during a meeting to assess the deal. Germany's spokesman Sebastian Fischer said, "EU ambassadors have unanimously approved the provisional application of the EU-UK Trade and Cooperation Agreement as of January 1, 2021."
