Brexit has come

The D Day is here. After 47 years of its membership, the UK is leaving the EU today. Even though there will probably be no revolution in trade relations starting from tomorrow (thanks to the agreed transition period), the upcoming months will be extremely significant for business.

The Czech Republic has been exporting to the UK – as a part of the EU single market – almost 5 per cent of its total export. In comparison with the value of the Czech export to e.g. China, our current direct export to the UK is 3.7-times higher.

Therefore, the definition of future EU-UK relations for which we only have 11 months now (till the end of 2020) is extremely important for Czech business. It should be one of this year’s priorities on our Brussels agenda – so that we do not have to stand once again on the edge of a cliff on December 31, full of worries and uncertainties linked to unclear future trade barriers without an effective way to get ready for them in a timely manner. The comprehensive EU-UK trade agreement must set all these concerns aside.

Now we have to act swiftly in order to avoid chaos and to ensure a smooth transition to a new arrangement, which has to provide a clear and stabile framework for the new EU-UK relations for the benefit of citizens as well as business.