World Trade Organization (WTO trade regulations) option - Leaving the only market and union without a deal. The ultimate option would be for the United Kingdom to go away with no future trade agreement. The United Kingdom would revert to trading with the bloc of 27 Member States on WTO terms, meaning that both the EU and UK would apply tariffs to trade between them. With no agreement on Regulatory equivalence between the EU and UK, there would be no preferential access to the EU marketplace for services. There would even be no flanking bilateral agreements to ease the flow of trade – an unparalleled situation as long as no major country trades with the EU on WTO trade terms alone.
This would be rather damaging to the UK economies as tariff barriers would soar. Lifecycle management activities thus, again herald potential to market access.
To read more about each area affected, what you need to do is to stay ahead of the curve. How Freyr can help ease your transition into these new guidelines?