Trade and Cooperation Agreement between the EU and the United Kingdom
The European Parliament today approved the Trade and Cooperation Agreement (TCA) between the EU and the United Kingdom. The ratification of the TCA creates a solid legal basis with the potential to speed up the approval process of the expected Memorandum of Understanding (MoU) for the financial sector.
“We see the green light from the European Parliament as a good sign: we welcome the ratification of the Trade and Cooperation Agreement. We finally have a sound basis for the future relationship between the EU and the United Kingdom. Such a basis is urgently needed for cooperation in the financial sector as well. The planned memorandum of understanding must be finalised and published in order to establish a financial dialogue and clarify market access issues. Further delay would be grossly negligent,” said Andreas Krautscheid, Chief Executive of the Association of German Banks.