Chamber Network welcomes ratification of UK-EU TCA but says work remains to be done

Chamber Network welcomes ratification of UK-EU TCA but says work remains to be done

The European Parliament has voted to ratify the UK-EU Brexit trade deal this morning (28th April 2021) –  a key move to ensure that tariff-and quota-free trade continues.

The agreement, which has been in provisional effect since 1 January, legally had to be approved before the end of April. Had the agreement not passed, the UK and EU’s terms of trade would have degraded – with tariffs and quotas applicable on goods.

Hannah Essex, Co-Executive Director of the British Chambers of Commerce, said:  

“While there may be relief that the ratification of the TCA has gone smoothly, the reality is that the changes within the agreement have been operational now for almost four months.

“It is now vital that both the UK and EU work together to alleviate the significant disruption and difficulty which many firms continue to report, especially with further changes still to come.

“The British Chambers of Commerce’s Trade Confidence Outlook for Q1, released earlier this month, revealed the stark issues facing UK exporters in the first months of this year.

“The survey of almost 3,000 UK exporters revealed that 41% of respondents reported a decrease in export sales, while only 20% reported an increase. This follows a major BCC survey in January which found that 49% of exporters reported difficulties adapting to changes to trade in goods rules. Only 16% reported any ease in adapting to changes.

“Without further support for businesses the effects of the deal will weigh on UK economic prospects for some time to come.

“The UK and the EU must now get back around the table and continue talks so they can build upon the arrangements set out in the TCA to deliver long-term improvements to the flow of trade between them.”

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