On May 19, the UK and the European Union signed a new agreement aimed at reducing trade barriers, improving data exchange and expanding cooperation on defence and migration. At the same time, London will remain outside the single market, customs union and free movement area of the EU.
One of the key elements was the sanitary and phytosanitary (SPS) agreement, which reduces checks on animal and plant products, thereby simplifying the export and import of food. The Road Haulage Association (RHA) has already said that these measures will help reduce costs and delays when trading with the EU.
An agreement was also reached on the mutual recognition of emissions trading systems (ETS), which will relieve British companies from new EU carbon duties. Steel exporters will receive individual relief from tariffs and new regulatory requirements from Brussels.