What changes do you want to see to the UK-EU Trade and Cooperation Agreement?
As part of the Trade and Cooperation Agreement (TCA), there is a mechanism for a regular five-year review. This means the first review of the TCA will take place in 2026.
The TCA states:
“The parties shall jointly review the implementation of this agreement and supplementing agreements and any matter related hitherto five years after the entry into force of this agreement and every five years thereafter.”
IoD members have consistently listed the trading relationship with the EU in the top five issues impacting business over the last few years, citing business mobility, customs controls, and a lack of level playing field as their primary concerns.
But it will be up to both the UK and the EU to agree what is in scope for change – whether the focus will be solely on the implementation of the agreement or whether there is opportunity for renegotiation of specific chapters and policies.
So far the government has not said much. In response to a question in Parliament, Kemi Badenoch, Business and Trade Secretary, stated they are looking into how TCA related issues can be reviewed.
Meanwhile, the Labour Party have committed to using the TCA review to “fix the Brexit deal”, and in the process reduce trading friction on food, agricultural, medical and veterinary goods, and strengthen our services sectors.
One thing is clear: rejoining the single market is not on the table.
This is an issue we want to hear IoD members’ views on. What would your priorities be? Email us at [email protected].