At least during the period of negotiating exit terms (up to two years following the date on which Article 50 TFEU is triggered), there will be no immediate changes to the current UK trade regime with the EU, and with other countries to the extent they have trade agreements with the EU. Following this period the situation will become rather complex, as terms of the UK’s trade relationships with the EU and with the rest of the world will depend on entirely new terms, yet to be negotiated.
The UK will be entirely free to set its own customs duties and laws, will be able to negotiate free trade agreements on its own accord, and will have more room for independent decision making in the area of sanctions and trade defence mechanisms. However, it may also be subject to customs duties and other trade barriers. In this article, we explore the issues and their possible impact for UK businesses.