All the current EU trading rules apply until the United Kingdom leaves the Union. If the Withdrawal Agreement is confirmed, there will be an interim period with practically unchanged trading rules until 31 December 2020. By then, the future relationship between the EU and the UK will be determined. The issue is subject to future negotiations and the outcome may vary from very close relationship (e.g. customs union) to the UK being as any other non-EU country.
In the likely no-deal scenario, from the day of Brexit, the World Trade organization rules would kick in. Non-preferential customs treatment would be used for the export of goods from Lithuania to the UK and vice versa. In addition to customs, the VTA and excise duties would be applicable as well. Businesses are advised to refer to the “Brexit preparedness checklist” published by the European Commission for companies doing business in the EU
Representatives of the External Economic Relations and Economic Security Department of the Ministry of Foreign Affairs of Lithuania discuss Brexit preparedness with members of business and associated business structures on a regular basis. Lithuanian business is encouraged to take concrete steps to prepare for a no-deal scenario, as well as for possible future trade relations with the UK. These preparations need to be done as soon as possible. Diplomats are also ready to answer specific business questions (please contact us at [email protected]).