EU business regulations to change post-Brexit, warns Trade department
The Department of Trade Negotiations (DTN) under the Thai Ministry of Commerce on Friday reported that the European Union (EU) has announced economic measures to deal with the affects of the UK Brexit and warned Thai entrepreneurs to adjust their business strategy accordingly, especially those in the transport, fisheries, medical equipment and chemicals sectors.
DTN director-general Oramon Subthaweetham said on September 27 that earlier this month a committee of the EU announced additional economic measures to prepare the union and its partners for Britain leaving the body on October 31.
“These measures cover three aspects: transport, fisheries and the fiscal budget,” she said.
In the transport aspect, the EU has extended the deadline allowing UK-EU cross-border transport of products and passengers via non-commercial roads until July 31, 2020, and allowing UK-EU air flights until October 24, 2020.
“As for fisheries, the EU has also extended the fishing permit in UK-EU waters until the end of 2020, allowing UK boats to fish in EU waters and vice versa,” said Oramon. “Lastly, the EU has ordered the UK to contribute to the EU fiscal budget until the end of fiscal year 2020, which also enables the UK to profit from EU projects until that deadline.”
The director-general noted that the EU has warned its trade partners of impacts from Brexit in sensitive industries such as medical equipment and chemicals. “After Brexit, the customs regulations and procedures related to sanitary and phytosanitary measures (SPS) will become stricter,” she said. “Therefore, Thai entrepreneurs should study these to ensure they are compliant.”