Entrepreneurs are trying to prepare for Brexit, many issues remain unresolved

Entrepreneurs are trying to prepare for Brexit, many issues remain unresolved

Entrepreneurs in Slovakia are trying to prepare for the situation they will face after 1 January next year in connection with the withdrawal of Great Britain from the European Union and the end of the so-called transitional period. As Ján Solík, President of the Association of Slovak Entrepreneurs, stated for SITA, this will end on 31 December, and the outcome of the negotiations is not known until the last moment, and therefore the conditions for the future settlement of relations between Great Britain and the European Union. "Companies therefore have to work with several alternatives, which complicates the situation even more. In addition to dealing with the impact of Brexit itself, entrepreneurs also have to solve various practical questions to which there will be no answers in time," Solík stated. For companies that have their customers or suppliers in the UK market, Brexit is a key issue that, together with the COVID-19 pandemic, is significantly affecting their business these months. The United Kingdom left the Euroblock on 31 January. At the same time, a transitional period began, with the aim of concluding an agreement on future trade relations. This should mitigate the economic impact of Brexit, but key issues remain unresolved. The main point of contention in the negotiations is the right of fishermen from the Member States of the Union to fish in British waters. The Union wants to maintain the status quo, but London refuses. If an agreement is not reached in time, businesses on both sides of the English Channel will face tariffs and other trade barriers from 1 January.