Malta Business Bureau welcomes European Council decision on Brexit

it withdrawal agreement and political declaration on future relationship

The Malta Business Bureau has welcomed the decision of the EU 27-member states whereby at Sunday’s extraordinary summit they endorsed a withdrawal agreement that was negotiated by the European Commission and the UK Government. Discussions have been ongoing for several months and were only concluded a few weeks ahead of the UK’s formal departure from the EU at the end of March 2019.

MBB President Simon De Cesare stated, “The endorsement by the EU member states confirms that in spite of the UK’s decision to leave the EU being regrettable, and that the outcome will have negative repercussions for both sides, the EU is committed to an orderly end of the current relationship, and is committed to negotiate a future economic and security partnership, while preserving the integrity of the European Single Market.

“This agreement paves way for a transition period that preserves the status quo at least until the end of 2020 and will therefore bridge the time between the UK’s withdrawal from the EU and the coming into effect of a new relationship, thus allowing businesses a smoother transition and more time for preparation,” he continued.

Despite the positive outcome of Sunday’s decision, the MBB is however still very concerned with the political uncertainty in Britain and whether this deal will also be approved by the UK Parliament. “Politicians need to put radical ideologies aside and be more sensible to the facts and the implications on the economy, businesses as well as the impact on citizens. No circumstance justifies a no deal Brexit,” Mr De Cesare affirmed.

The MBB invites business operators and professionals with interests in the UK market to be informed and prepared for any eventuality that the departure of the UK will unavoidably bring, to avoid any disruption that could potentially come into effect as soon as four months from now.