At 11pm on Friday 31 January 2020, Britain left the European Union (EU) after more than 40 years of membership.
Britain now moves into the ‘implementation period’ which is due to last until the end of December 2020. During this time, the majority of Britain’s obligations under EU laws will remain unchanged. Britain will, however, lose its ability to comment on the application of these laws during this time.
Both the EU and Britain have committed to negotiating a comprehensive free trade agreement by the end of 2020, an ambitious aim given the length of time typically needed to negotiate an agreement of this kind.
The EU has also stated that it will use best endeavours to conclude initial equivalence assessments by the end of July 2020.
If you have any questions concerning Brexit or the implementation period, please do not hesitate to get in touch with one of our experts.