News Report by Kamal prabhakar UK Corrospondent from London :
Speaking to Hello Mumbai News Mr.Kamlijit Sadra, Mahainah said that ” the pact allows for tariffs and quota-free trade in goods, provided they meet so-called rules of origin that determine how much content in a product must be derived from a nation bound by the agreement. But these can be self-certified, a boon for business that makes it easier to comply with the rules and therefore benefit from the deal. Nevertheless, there will be fresh paperwork and procedures for businesses, and their accountants, to grasp within a short period of time.
Moving goods will also be eased by keeping access for transport by road and by air unlimited and there are detailed commitments on how to allocate the handling of air freight and passenger rights
What about services, well on services, by quitting the single market, it was made clear during the negotiations that the U.K. lost some market access for trade in financial services. This is still the case since there is no provision for the sector in the agreement. More than 40 percent of the U.K.’s exports to the EU are services, and the sector accounts for around 80 percent of the U.K.’s economic activity.
Passporting, which allowed automatic access to the single market, is gone, as is a key ask from British business lobbying groups: Mutual Recognition of Professional Qualifications (MRPQs), the mechanism that allows workers such as doctors, engineers and architects to have their qualifications recognized across member states. This will not be simply rolled over.
The devil will be in the detail of the full document on MRPQs and other frameworks for recognition of standards. The short summary document from the EU on the deal says there will be: “Facilitations for short-term business trips and temporary secondments of highly-skilled employees.” The U.K. side said: “From early 2021, the government will provide help and guidance to accountants, regulatory authorities and other professional bodies” on how to make use of a framework for MRPQs within the deal.
Not very helpful as most Chartered accountants enter the self assessment reporting season. Still this additional paperwork, small business will need professional guidance to ensure they do not to fall foul of any of the deal.