In the last three days, there has been a historic event between the two sides between Britain and the European Union, namely the post-Brexit agreement agreement.
Although the agreement has been reached, it is not yet time to breathe a sigh of relief as the signing of the agreement is just the beginning. Today, the British administration has issued a warning that the business sector should be prepared for the 'shock' after the new rules take effect on Thursday.
On Monday, the business sector began digesting the details and implications of the deal covering 1,240 pages signed by the EU and the UK on 25 December. EU ambassadors have expressed agreement today on a Brexit deal. Germany, which holds the post of EU president, said the decision was announced after a joint meeting reviewing the agreement signed 3 days ago.
Although EU leaders have welcomed the agreement reached, the EU still needs the approval of the EU legislature which is expected to be announced in February. On the other hand, the UK Dewan Rakyat is expected to announce an agreement on Wednesday.
The post-Brexit agreement will ensure that the UK and 27 European bloc countries are able to establish trade relations without tariffs and quotas. The agreement reached has helped protect against losses of $ 894 billion in annual trade between the two parties.
Michael Gove, who is Britain's cabinet minister, has warned companies to be prepared for new customs procedures. The Prime Minister of Britain, Boris Johnson is of the opinion that the short-term effects that will be faced are not a big problem because after this the UK is free to enact its own laws.
The pound has depreciated against the US dollar by 0.18% to the 1.3520 exchange rate as of 9.00 p.m.
