Following months of negotiations, representatives from the United Kingdom and the European Union have finally reached a draft agreement on how Brexit will take place next spring. The agreement covers a debt estimate owed to the EU, potential infrastructure at the Northern Ireland border, and the status of UK citizens living elsewhere in the EU and vice versa. A transition period will take place between March of 2019 and December of 2020 allowing businesses, citizens, and stakeholders to plan accordingly.
One of the controversial decisions has been avoiding a physical border between Northern Ireland (UK) and the Republic of Ireland (EU). In addition, trade regulations may represent a barrier between Northern Ireland and Great Britain and undermine the United Kingdom’s economic integrity.
Last month, the Chamber hosted a luncheon with the European Union’s Minister Counselor for Economic Affairs, Moreno Bertoldi, who advised U.S. businesses to wait until the agreement was reached to understand what the relationship between the EU and the UK will look like in order to adapt business strategies to import/export products and services abroad.
Britain is due to leave the European Union on March 29th, 2019. If the UK Cabinet backs the proposed deal, the agreement will then need approval from all 28 EU nations and from the British and European parliaments.