LONDON — British industry bodies were celebrating Christmas — and then some — on Dec. 24 after the U.K. and the European Union inked a historic post-Brexit trade deal that will wipe out duties on goods passing between the two regions.
British parliamentarians will be called back to work on Dec. 30 to ratify the deal, and new terms will kick in as of Jan. 1. There will inevitably be more red tape, with fashion companies among the many businesses that will have to fill out detailed paperwork when sending goods and samples abroad. The organization added that while the deal is “extremely welcome and provides some clarity,” there is still much that companies need to do, as the trading environment with the EU “will be very different even with this deal.”
“It was always going to be a slightly strange trade agreement, in that it is one which inevitably increases barriers rather than removes them, but British luxury brands will breathe a huge sigh of relief that the U.K. and the EU signed a deal today, and between this, and the promise of the [coronavirus] vaccine, everyone will be much more optimistic about what can be achieved in 2021.”