EU-UK agreement ratification brings more certainty for business

On April 27 the European Parliament (EP) ratified the trade and cooperation agreement (TCA) between the EU and the United Kingdom. This is the final legal step in a long and complicated process of brexit and setting up a new relation framework for the EU and the UK.

The ratification came up a few days before the end of its provisional application. This finally brings clarity and legal certainty to the European business community and creates a solid platform for constructive cooperation between the EU and the UK.

“Czech business welcomes the ratification of the EU-UK TCA. The UK is the sixth biggest trading partner of the Czech Republic, which ranks this deal among the most important trade agreements the EU has ever finalized,” said Director of International Relations Department Mr. Lukas Martin.

We appreciate the overwhelming majority supporting the TCA in the EP. Removing the major element of uncertainty will help the companies to adjust to the new reality of trading while still struggling with the COVID-19 challenges.

The agreement covers many areas that will have a strong impact on the competitive environment for the EU and the UK companies, ranging from climate change mitigation to digital transformation, competition, or standards. It is now urgent that both sides put in place the governing and implementing bodies under the agreement opening the path for smooth implementation and structured cooperation.

Czech companies, as a part of the EU business community, stands ready to engage and contribute actively to this process.