Britain and the EU clinched a trade deal on Thursday - one which preserves zero-tariff and zero-quota access to the bloc's single market but which will still cause disruption. The transition period, under which Britain stayed aligned to the EU's trading and regulatory rules, ends at 2300 GMT on Dec 31. The transition period was initially agreed to keep existing trade ties unchanged for 21 months after the original planned Brexit date of March 29, 2019. Britain had urged businesses to make preparations for the end of the transition period prior to the end of trade negotiations, saying many of the changes they needed to make would apply regardless of the outcome of the talks. Businesses will also need to make customs declarations on EU trade, while hauliers need a permit to go to ports in the county of Kent or risk a fine.

Source: bd News24 December 28, 2020 00:00 UTC