WASHINGTON, D.C. - Marjorie Chorlins, executive director of the U.S. Chamber’s U.S.-UK Business Council, issued the following statement after reports that the United Kingdom and European Union have finalized an agreement governing their commercial relationship beginning January 1, 2021:
“We applaud the United Kingdom and the European Union for their perseverance in working through several vexing issues to reach today’s landmark agreement and we are hopeful action to ratify the deal will be swift.
“Businesses of all sizes are eager to understand the terms under which they’ll operate going forward. They have been preparing as best they can throughout the transition period, but they will nonetheless need sufficient time to digest and adapt to what has been agreed. Even with the announcement of this historic agreement, there is much work left to do to ensure that both economies will continue to prosper. The U.S.-UK Business Council stands ready to work with negotiators to resolve the remaining issues.”
The new deal between the UK and EU will create new frictions in any circumstance, and negotiators should immediately take all necessary steps to minimize them. Among other things, we urge both parties to agree on measures to facilitate customs and border procedures in the near-term so that goods – including vital medicines and vaccines - can continue flow as smoothly as possible. We also urge the European Commission to swiftly issue a durable data adequacy decision for the UK so that businesses can continue to transfer data, as well as finalize equivalence determinations for financial services.