Brexit and International Agreements: What You Need to Know
Since the historic Brexit vote in 2016, the United Kingdom has been in the process of extricating itself from the European Union (EU). As part of this complex process, the UK has been renegotiating its trade deals and international agreements with other countries. With Brexit now a reality, it is critical for businesses and organizations to understand how the UK`s international agreements may be affected.
In the immediate aftermath of Brexit, the UK has been focusing on securing new trade agreements with countries around the world. The UK has already signed new trade deals with Japan, Canada, and a number of other countries. The UK has also been in negotiations with the United States, Australia, and New Zealand. However, many of these new trade deals have not yet been finalized, and it may be several years before they are fully implemented.
In the meantime, the UK will continue to be bound by the international agreements it was party to as a member of the EU until the end of the Brexit transition period on December 31, 2020. This means that agreements such as the EU-Japan Economic Partnership Agreement and the EU-South Korea Free Trade Agreement will continue to apply to the UK until the end of the transition period.
Once the transition period ends, the UK will have to negotiate its own international agreements with countries around the world. This process is likely to be lengthy and complex, as the UK will be negotiating from scratch rather than as part of a bloc like the EU. It is also worth noting that the UK will have to negotiate agreements not just with other countries, but also with international organizations like the World Trade Organization.
One area where Brexit is likely to have a significant impact is in the area of intellectual property (IP) law. The UK has been party to a number of international IP agreements as a member of the EU, including the Unitary Patent and the European Union Trademark. The UK will need to negotiate its own IP agreements with other countries once it leaves the EU, which may lead to increased complexity and uncertainty for businesses that rely on these agreements.
Brexit is also likely to have implications for the UK`s ability to participate in international research collaborations. The EU has a number of research programs that the UK has participated in as a member, including Horizon 2020 and the European Research Council. The UK will need to negotiate its own agreements in order to continue to participate in these programs after Brexit.
In conclusion, Brexit is likely to have far-reaching implications for the UK`s international agreements. While the UK has already signed new trade deals with a number of countries, it will need to renegotiate many of its existing agreements and negotiate new agreements with countries around the world. This process is likely to be complex and lengthy, and businesses and organizations will need to stay informed and adapt accordingly.