The political declaration provides for the granting of aduitable status to the United Kingdom before the end of the transition period until December 2020 and confirms that the European Commission will begin to assess the adequacy as soon as possible after the UK`s withdrawal. , said on Twitter that the reported step would be "a very unwise way to continue." On 23 March 2018, EU and UK negotiators reached an agreement on the draft withdrawal agreement allowing the European Council (Article 50) to adopt guidelines for the framework for future eu-UK relations. This triggered Article 50 of the Treaty on the European Union, which defines the procedure for the withdrawal of an EU member state, thus opening a two-year countdown to withdrawal. The UK`s internal market law, published by the government on Wednesday, aims to amend key elements of the withdrawal agreement signed by Prime Minister Boris Johnson with Brussels earlier this year. The agreement was revised as part of the Johnson Department renegotiation in 2019. The amendments amend about 5% of the text[22] During the transition period, the UK and the EU-27 will endeavour to conclude the agreement that will strengthen their trade relations after the end of the transition period. On the basis of the revised political declaration, the EU and the United Kingdom appear to be aiming for a comprehensive but "classic" free trade agreement for goods, services and investment. The political statement is thin in detail, but trade in goods will be based on a free trade agreement that will at least guarantee that there will be no tariffs or quotas, as well as some degree of regulatory alignment with the EU. However, as a result of the free trade agreement, customs controls are required, requiring each party to prove that the goods originate from their respective customs territory, in order to obtain duty-free treatment. This means that the UK and the EU-27 must now agree on detailed rules of origin.

This is probably a complex and tedious process. At least companies need to think about the rules of origin they want for different products and start putting pressure on them as soon as the UK and eu start negotiating the new free trade agreement. It is encouraging to note that the scope of the future trade regime appears to encompass services, including financial services and investment (although the agreement is in turn very detailed) and that it provides assurance that the agreement on future relations will offer a liberalisation of trade in services well beyond the obligations of the United Kingdom and the WTO.