Early details of new Brexit deal
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
MONDAY, MAY 23, 2022
MONDAY, MAY 23, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Early details of new Brexit deal

World+Biz

Reuters
18 October, 2019, 02:10 pm
Last modified: 18 October, 2019, 02:46 pm

Related News

  • EU ambassador to UK says bloc won't change mandate in Brexit talks
  • Britain to set out new steps to tackle post-Brexit N Ireland trade
  • Brexit drives rise in UK's food prices, lifts cost of living
  • UK PM Johnson won't retract Brexit comment on Ukraine, spokesman says
  • UK companies face New Year Brexit import controls

Early details of new Brexit deal

Here are the initial details of new Brexit deal

Reuters
18 October, 2019, 02:10 pm
Last modified: 18 October, 2019, 02:46 pm
An electronic billboard displays a British government Brexit information awareness campaign advertisement in west London, Britain, September 11, 2019/Reuters
An electronic billboard displays a British government Brexit information awareness campaign advertisement in west London, Britain, September 11, 2019/Reuters

The European Union has agreed on a new Brexit deal with Britain. Here are the initial details.

Customs

Northern Ireland remains in the United Kingdom's customs territory but all EU procedures will apply to goods arriving there in this complex system. There will be no customs checks on the island of Ireland - they will be done in ports.

For goods crossing from Great Britain to Northern Ireland that are deemed to be staying there, no EU tariff will apply.

No EU tariffs would be paid on personal goods carried by travellers across the Irish frontier and for the second category of exempted goods that can only be for immediate consumption rather than subsequent processing.

An EU-UK body called the Joint Committee will define this second group of goods more precisely after Brexit.

The UK will be allowed to reimburse excise duties for companies in Northern Ireland as long as it does not undercut EU state aid rules.

Northern Ireland will be able to benefit from future UK trade deals around the world. As long as the goods do not cross to Ireland and the EU's single market, only UK customs tariffs will apply.

Consent

The Northern Irish assembly will have to give consent after Brexit for the region's continued alignment with the EU regulatory regime.

Four years after Brexit, the assembly will have to decide by a simple majority of those taking part in the vote whether to apply it. If the vote is positive, the system is extended for another four years.

If another vote then is positive with cross-community support, the system is extended by another eight years until another vote.

If consent is not granted, there is a two-year cooling-off period during which sides need to find a new solution to prevent the return of a hard border on the island of Ireland.

If the regional assembly does not sit or vote, the system continues as the default position.

Unlike the "backstop" solution in the original deal, rejected by the British parliament, this system would not be replaced by a new free-trade deal between Britain and the EU. That marks a big concession from the EU side.

Future Trade Deal, Level-Playing Field

Sides aim at an ambitious free-trade agreement after Brexit with no tariffs and unlimited quotas. It comes together with a statement that sides will uphold high standards on environment, climate, workers' rights and other rules.

Rest Remains As In Previous Agreement

Previously agreed settlement on citizens' rights after Brexit and Britain's divorce bill stay as they were. That also goes for a transition period of 14 months until the end of 2020, which can be extended by one year or two years.

Top News

Brexit / Factbox

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • From the left, Dr Mustafa K Mujeri, Dr Zahid Hussain, Sayema Haque Bidisha and Dr Mohammed Abu Eusuf. Illustration: TBS
    How to shield people from price shocks
  • File photo of Square Pharma factory
    Fire breaks out at Square Pharma factory in Gazipur 
  • File Photo: State Minister for Power, Energy and Mineral Resources Nasrul Hamid/UNB
    Russia has offered to sell crude oil to Bangladesh: Nasrul

MOST VIEWED

  • U.S. President Joe Biden discusses the United States' response to Russian invasion of Ukraine and warns CEOs about potential cyber attacks from Russia at Business Roundtable's CEO Quarterly Meeting in Washington, DC, U.S., March 21, 2022. REUTERS/Leah Millis
    Biden says weighs reducing tariffs on China, asking OPEC to pump more oil
  • Photo: Reuters
    Third possible case of monkeypox found in the US
  • Ukraine's President Volodymyr Zelenskiy attends a meeting with European Parliament President Roberta Metsola (not pictured), as Russia's attack on Ukraine continues, in Kyiv, Ukraine April 1, 2022. Ukrainian Presidential Press Service/Handout via REUTERS
    Ukraine is losing up to 100 lives a day in east: Zelensky
  • Anthony Albanese, leader of Australia's Labor Party, addresses supporters after incumbent Prime Minister and Liberal Party leader Scott Morrison conceded defeat in the country's general election, in Sydney, Australia May 21, 2022. REUTERS/Jaimi Joy
    New Australian govt looks to SE Asia as it deals with 'difficult' China relationship
  • A man rides his trishaw loaded with empty plastic barrels which are used to carry oil in the western Indian city of Ahmedabad March 10, 2011. REUTERS/Amit Dave/Files
    Oil prices at $110/barrel pose 'bigger threats' than inflation, says India's oil minister
  • US President Joe Biden delivers remarks on Russia's attack on Ukraine, in the East Room of the White House in Washington, US, 24 February 2022. REUTERS/Leah Millis
    China 'flirting with danger', US will defend Taiwan if invaded: Biden

Related News

  • EU ambassador to UK says bloc won't change mandate in Brexit talks
  • Britain to set out new steps to tackle post-Brexit N Ireland trade
  • Brexit drives rise in UK's food prices, lifts cost of living
  • UK PM Johnson won't retract Brexit comment on Ukraine, spokesman says
  • UK companies face New Year Brexit import controls

Features

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

2h | Brands
Keep your phone by your side with this armband

Keep your phone by your side with this armband

13m | Brands
Are Focallure gel masks worth the hype?

Are Focallure gel masks worth the hype?

1h | Brands
Illustration: TBS

‘The move to introduce DVS has changed the entire spectrum of financial auditing’

2h | Panorama

More Videos from TBS

Photo: TBS

Can Sri Lanka bounce back?

3h | Videos
How to apply for a job at Oxfam

How to apply for a job at Oxfam

4h | Videos
Investors, public to suffer from electricity price hike

Investors, public to suffer from electricity price hike

16h | Videos
Health benefits of summer fruits

Health benefits of summer fruits

17h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

4
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab