The long-standing proceedings of Brexit has recently come to the end with having regulatory impacts in each country having trade with the United Kingdom (“UK”). Turkey as a country having about USD 18 billion trade volume with UK has recently determined how to treat UK’s Brexit during the transition period from regulatory perspective.<\/p>\n
To that end, on February1, 2020 the Circular on Transition Period regarding United Kingdom’s Withdrawal from the European Union has been issued by the Presidency of the Republic of Turkey (“Circular”).<\/p>\n
It is stated that according to the Withdrawal Agreement, the EU laws will be applied to the UK during transition period, even though the UK would no longer be a member state. Accordingly, acquis and obligations arising from the EU law including the agreements executed by the EU with non-member states will continue to be binding to the UK until the transition period expires.<\/p>\n
With this respect, during the transition period as set out under the Withdrawal Agreement, legal status quo will be maintained in terms of any transactions arising from bi-lateral or multi-lateral agreements executed by and between Turkey\/EU and the UK will continue to be treated as a EU member state.<\/p>\n
<\/p>\n
With the Circular, government institutions are reminded to take the above issues into consideration and inform and lead the public accordingly as necessary.<\/p>","protected":false},"excerpt":{"rendered":"
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