UK-EU Trade Agreement Tall Order on UK Government Brexit Timetable

Now that Brexit is a reality and the U.K. has left the European Union (the “EU”), the issue of what comes next unfortunately is not over.  The U.K. government of Boris Johnson is seeking to finish a trade agreement with the E.U. by the end of December 2020.  Many experts believe that completing and ratifying a withdrawal agreement and finalizing a trade agreement on that timetable is impossible or unwise.  An extension would need to be granted by July 1, 2020, and so far the Johnson government is saying that it will stick with the 2020 timetable.  If there is no extension and no agreement, the U.K. could effectively lose most of its rights in the E.U. and vice-versa as of January 1, 2021.  This might have a significant effect on firms doing cross-border business.  Firms will need to keep a watchful eye on developments.