Our team has extensive experience in assisting clients in EU/EEA law, and is following the developments pertaining to Brexit closely. We have set up a dedicated team of specialists with in-depth knowledge of the withdrawal process and its legal and economic implications. We can provide up-to-do date information on the on-going negotiations, advice businesses on the potential impact Brexit may have on them and help devising contingency plans.
On 29 March 2017, the UK formally notified the EU of its intention to withdraw from the EU. This means that the UK will cease to be part of the EU on 29 March 2019, unless there is an agreement between the UK and all EU Member States to postpone the Brexit date.
Today, both Norway and the UK, via its EU membership, are participants to the EEA. As a result, trade in most goods and services is frictionless, there is a large degree of regulatory harmonisation, and workers and capital can move freely between the two countries. Given that the UK is also one of Norway's most important trading partners, any change to the existing legal framework could have significant economic effects and entail important legal risks.
At this stage, little is certain about the exact form and shape of Brexit, and even less about what it could mean for Norway, the relations between Norway and the UK, and its impact for Norwegian businesses with ties to the UK or British businesses dealing with Norway. Some sectors, such as aviation, seem to be particularly strongly affected by the uncertainty, others, such as energy or fisheries, face a particularly complex legal and political situation going forward, or are of particular importance to the Norwegian economy.
However, regardless of any sectoral specificities, each business with important economic or legal ties to the UK should prepare itself for the many plausible outcome. Such important ties could exist for example due the existence of an important supply chain entailing a UK based entity. Similarly, if the UK is a significant market for a company, British institutions provide financing, a company has subsidiaries in the UK or relies on temporary or permanent staff from Britain, Brexit could entail particularly complex challenges.
Our team can assist in identifying such and other potential risks, and help preparing mitigation strategies. To keep yourself abreast of the some of latest developments, follow Kluge on LinkedIn or visit our News page, where we regularly publish insights and updates on Brexit.