The EU Parliament confirms the trade agreement with Great Britain.
This answers an important question.
The specifications must now be made usable.
Berlin, Bonn, London - The post-Brexit * trade agreement between the EU and Great Britain has been confirmed.
With an overwhelming majority of 660 of the 679 votes of the EU MPs, said EU Parliament President David Sassoli.
The contract provides for the mutual waiver of any tariffs and quantity restrictions.
On April 28, 2021, the European Parliament ratified the trade and cooperation agreement of December 24, 2020 between the European Union and the United Kingdom.
The agreement had been in effect provisionally since January 1, 2021.
Great Britain officially left the EU on January 31, 2020 *.
Brexit deal: EU Parliament ratifies trade agreement - "Very welcome after the turmoil"
"This has made the foundation of European-British economic relations much more secure," explains Jürgen Friedrich, Managing Director of Germany Trade & Invest (GTAI).
"This is very welcome after the turbulence of the past few years."
However, a lot of work will still be necessary to make the provisions of the agreement, some of which are quite general, usable, emphasizes the GTAI in a publication on its website on the occasion of the Foreign Trade Days 2021 of the Federal Ministry for Economic Affairs and Energy (BMWi).
Brexit is still a lot of work: details in free trade agreements still need to be clarified
This becomes clear, for example, in the practically important recognition of professional qualifications, which is only rudimentarily regulated in the agreement.
The respective professional organizations should be responsible for binding regulations.
Although there are much more specific regulations in the trade in goods, the agreement cannot replace the internal market and customs union.
There is only full duty-free freedom for goods of EU origin, and there is no provision for mutual recognition of standards, either for industrial products or for food.
Hurdles for German traders: British transition periods end this year - Brexit deal entails further tasks
"The British side grants unilateral transition periods, but these expire at the end of the year," emphasizes Stefanie Eich, Deputy Director in the Customs division at Germany Trade & Invest. "Then the hurdles for German exporters will increase again: health certificates for food exports are just as mandatory as a changeover of product labeling from CE to the UKCA label, which is only valid in Great Britain."
In addition to significant challenges, however, there are also great opportunities.
A look at the British market is still worthwhile for German companies, emphasizes Marc Lehnfeld, economic expert and GTAI correspondent in London.
Many industries attract with attractive business opportunities.
“A lot is being invested,” explains Lehnfeld.
For example, in the quadrupling of the capacities of offshore wind energy, in infrastructure construction with investments of billions or the expansion program for over 40 new hospitals.
"Those who accept the hurdles can still benefit from the market opportunities in the UK after Brexit."
Brexit trade agreement: "Competitive advantages for German entrepreneurs are largely missing"
Lehnfeld points out, however: “The former competitive advantages of German companies from the European internal market are largely disappearing. That is why good and close economic relations with the Kingdom are so important for our foreign trade, especially with a view to competition from abroad. We need a strong partnership. ”
(Ots / dpa) * Merkur.de is an offer from IPPEN.MEDIA.
