In relation to our recent insights
Brexit: A First Look at UK-Mexico Trade Continuity
Agreement s Relevant Issues, the Governments of Mexico
and the United Kingdom have informed that although their internal
ratification procedures have not yet been completed, they both have
established transitional mechanisms to maintain, beginning as of
January 1, 2021, preferential tariff treatment in accordance with
the following:
The Government of the United Kingdom
will provisionally apply the Agreement, maintaining preferential
tariff treatment to Mexican imports.
As per the Government of Mexico,
United Kingdom imports will be subject to Most Favored Nation (MFN)
rates, however, a transitional mechanism will be established to
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In our last international trade brief, we discussed the
U.S. suspending the Section 232 tariff on Canadian aluminum. In
this international trade brief, we explore what parties engaging in
Canada-UK trade should expect now that Brexit has officially come
into force, and discuss the transitional agreement between Canada
and the UK – the
Trade Continuity Agreement between
Canada and the United Kingdom of Great Britain and Northern
Ireland.
As of January 1, 2021, Brexit has officially come into force. As
the United Kingdom leaves the European Union, it is no longer
Key takeaways
? The new National
Security and Investment Bill expands the UK government s powers
to intercede in acquisitions of UK companies where it determines
there is a potential national security threat.
? The Bill creates a
new government agency, the Investment Security Unit (ISU) to
oversee foreign direct investment review, removing the power from
the competition/antitrust regulator, the CMA.
? Regulators will be
able to call in transactions that were not notified but
that the Secretary of State determines may pose a national security
risk.
? A mandatory
notification will be introduced for certain sectors, including
penalties for failure to notify, but the details of those
Gowling WLG
The new freedoms of the UK following its exit from the EU and the expiry of the Brexit transitional period on 31 December 2020 include the freedom for the UK to pursue its own trade policy.
Mayer Brown
The UK Office of Financial Sanctions Implementation, OFSI, has published revised guidance on civil monetary penalties for breaches of financial sanctions (Guidance).
Rosenblatt Solicitors
The UK/EU Trade and Cooperation Agreement (TCA) agreed on 24th December 2020 will usher in big changes as to how UK businesses trade with the European Union as from 1st January 2021.
Clyde & Co
In international trade and commerce, arbitration has become exceptionally strong and widely accepted as a means of resolving disputes.