The Chequers Agreement and the Future of Brexit

In July 2018, the UK government unveiled its long-awaited proposal for the country’s exit from the European Union. Dubbed the Chequers Agreement, the plan set out a vision for a UK-EU free trade area, a common rulebook for goods, and continued cooperation on security and other issues. Despite its many critics, the agreement represented a significant step forward in the fraught negotiations over Brexit. Here, we’ll take a closer look at the Chequers Agreement and its potential implications for the UK and the EU.

What is the Chequers Agreement?

The Chequers Agreement is a plan put forward by the UK government for the country’s post-Brexit relationship with the EU. It is named for the prime minister’s country residence, where the agreement was hashed out by members of her cabinet in July 2018. The plan sets out a vision for a “common rulebook” for goods and agricultural products, which would ensure continued frictionless trade between the UK and the EU. Under the agreement, the UK would also establish a “facilitated customs arrangement” with the EU, which would allow the UK to set its own tariffs on goods entering the country but would also require the UK to collect tariffs on behalf of the EU.

The Chequers Agreement has been the subject of intense negotiation and criticism since its unveiling. On the one hand, supporters argue that the plan represents a pragmatic and workable solution to the complex issues surrounding Brexit. The common rulebook for goods, for example, would ensure that UK businesses maintain access to the EU market, while the facilitated customs arrangement would allow for continued seamless trade. On the other hand, critics argue that the agreement would mean the UK would be beholden to EU regulations without having any say in their formulation. The requirement to collect tariffs on behalf of the EU has also been criticized as being overly burdensome for UK businesses.

What are the implications of the Chequers Agreement?

If the Chequers Agreement were to be accepted by the EU, it would represent a significant step forward in the Brexit negotiations. The agreement would provide some much-needed clarity and certainty for UK businesses, many of whom have been reluctant to invest or make long-term plans until the terms of Brexit are settled. The agreement would also allow for continued smooth trade between the UK and the EU, which would be good news for both UK and EU consumers and businesses.

However, the Chequers Agreement is far from a done deal. The EU has already expressed reservations about many of the plan’s key components, particularly the facilitated customs arrangement. The UK government has also faced criticism from within its own ranks, with several high-profile resignations from cabinet ministers who objected to the plan.

As the Brexit negotiations continue, it remains to be seen whether the Chequers Agreement will be accepted by the EU or whether the UK government will need to come up with a new plan. In the meantime, businesses on both sides of the channel will be watching closely, hoping for a resolution that allows for continued trade and cooperation between the UK and the EU.