Brexit

The UK has left the European Union (EU) on 1 February 2020 and also the EU Customs Union on 1 January 2021, leaving countless issues behind. Partly as a result of the withdrawal, the United Kingdom is no longer a member of the European Union, the Schengen Agreement, the European Customs Union, the European Economic Area (EEA), the Eurozone and the European Free Trade Association (EFTA). In this way, United Kingdom emerged from all economic alliances, co-operation and structures in which Hungary is slowly becoming a central place.

Many thought that the forwarding and transportation tasks so far would be supplemented by only one export and one import customs clearance. In contrast, there are also administrative burdens on the companies creating difficulties in the day-to-day business.

Another important question is what contractual risks will need to be addressed after Brexit. These include, for example, risks affecting the timing of performance, potential exchange rate risks or risks arising from parallelly existing legal consequences (eg. product liability, standards) and risks related to termination of the contract (eg. possibility / risk of termination due to Brexit difficulties, vis major opportunity, etc.)

Our colleagues in these administrative mazes will help you find the right way through their practical suggestions.