EU-UK: European Parliament ratification ends uncertainty for business
Today the European Parliament ratified the EU trade and cooperation agreement (TCA) with the United Kingdom, just a few days before the end of its provisional application. This finally brings clarity and legal certainty to the European business community and creates a solid platform for constructive cooperation between the EU and the UK.
BusinessEurope President Pierre Gattaz said: "European business welcomes the ratification of the EU-UK TCA. The UK is the third biggest trading partner of the EU, which makes this deal one of the most important trade agreements the EU has ever finalised. The positive vote of the European Parliament removes a major element of uncertainty, while companies on both sides are still adjusting to the new reality of trading while struggling with the COVID-19 challenges."
He added: "The agreement covers many areas that will have a strong impact on the competitive environment for EU and UK companies, ranging from climate change mitigation to digital transformation, competition, or standards. It is now urgent that both sides put in place the governing and implementing bodies under the agreement opening the path for smooth implementation and structured cooperation. The business community stands ready to engage and contribute actively to this process."