Cologne, 29th January 2019
On 15 January the British House of Commons rejected the Brexit agreement regulating a transitional period that had been negotiated by its government with the EU. Should the EU and Britain fail to agree by 29 March 2019 on another version or on an extension of the deadline until Britain leaves the EU (“no-deal scenario”), then as of 30 March 2019 the EU and Great Britain will have the same commercial trading status with each other as that of other WTO members among each other – without a specific trade agreement.
The EU and Great Britain fear additional costs in an amount of 69 billion Euro through customs duties and regulatory trade barriers. This corresponds to 15 percent of the annual goods trade between the EU and the United Kingdom. Furthermore, 60 percent of German small companies and microenterprises have no procedures in place for non-European trade.
In future, the trade of goods between the EU and UK will trigger not only customs duties, as these goods are no longer being supplied within the Community. A number of simplified procedures in the legal relations between the EU and UK will also be lost, and enterprises will have to prepare themselves accordingly.
Oppenhoff & Partner has compiled a brief overview of the most pressing legal problems and possible solutions in cross-border corporate law for you.
You will be forwarded to https://www.oppenhoff-brexit.eu/?lang=en