Malta Business Bureau Welcomes European Council Decision On Brexit

26th November 2018

But will the Brexit deal be approved by the UK Parliament?

The Malta Business Bureau (MBB) welcomed the decision of the 27 EU member states whereby at Sunday’s extraordinary summit they endorsed a withdrawal agreement that was negotiated by the European Commission and the UK Government.

Discussions have been ongoing for several months and were only concluded a few weeks ahead of the UK’s formal departure from the EU at the end of March 2019.

MBB President Simon De Cesare stated, “The endorsement by the EU member states confirms that in spite of the UK’s decision to leave the EU being regrettable, and that the outcome will have negative repercussions for both sides, the EU is committed to an orderly end of the current relationship, and is committed to negotiate a future economic and security partnership, while preserving the integrity of the European Single Market.”

“This agreement paves way for a transition period that preserves the status quo at least until the end of 2020 and will therefore bridge the time between the UK’s withdrawal from the EU and the coming into effect of a new relationship, thus allowing businesses a smoother transition and more time for preparation,” he continued.

Despite the positive outcome of Sunday’s decision, the MBB is however still very concerned with the political uncertainty in Britain and whether this deal will also be approved by the UK Parliament. “Politicians need to put radical ideologies aside and be more sensible to the facts and the implications on the economy, businesses as well as the impact on citizens. No circumstance justifies a no-deal Brexit,” Mr De Cesare affirmed.

The MBB invites business operators and professionals with interests in the UK market to be informed and prepared for any eventuality that the departure of the UK will unavoidably bring, to avoid any disruption that could potentially come into effect as soon as four months from now.

27th November 2018

Malta Business Bureau CEO Joe Tanti said the majority of Europeans would agree that a significant part of the EU's success is owed to the creation of the Single Market.

26th November 2018

In the EU, just over one in three people were unable to face unexpected financial expenses (33.9 per cent) in 2017.

26th November 2018

The report highlighted the fact that Malta’s potential growth is among the highest of all euro area members.

26th November 2018

The Prime Minister said Malta would maintain its excellent relations with the UK once it leaves the EU, and citizens will not lose any rights they have had before Brexit.