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Current Politics and Economics of Europe ; 33(1):61-66, 2022.
Article in English | ProQuest Central | ID: covidwho-2248496


Brexit introduced new exporting and importing licensing requirements, border checks, and regulatory compliance requirements, raising costs and the potential for bottlenecks at borders. For financial services, which account for 7% of UK GDP and one million jobs, the deal does not address UK financial services firms' access to the EU, which previously was through a "passporting" right that allowed banks to use their UK bases to access EU markets without establishing legally separate subsidiaries;the parties aim to establish a framework for cooperation by March 2021. U.S. and other exporters will need to manage separate customs regimes and relationships for the UK and EU. Since the transition period, the UK has engaged in negotiations to replicate existing EU trade deals with non-EU countries (e.g., Switzerland, Iceland, Norway, South Korea, and Turkey), and pursued new deals with countries with which the EU has not concluded trade deals (e.g., Australia, India, and the United States). [...]UK farmers and some in civil society voice concerns about the implications of U.S. demands for greater access to the UK market, and potential changes to UK food safety regulations.