Insider Business Chamber of Commerce urges companies to prepare for no-deal Brexit

Chamber of Commerce urges companies to prepare for no-deal Brexit

Cyprus companies should prepare for the worst case scenario of a no-deal Brexit, the Cyprus Chamber of Commerce warned on Monday.

In a written statement, chairman Christodoulos Angastiniotis said that an agreement for an orderly exit of the UK from the EU was all the more important for Cyprus because of its close ties in all sectors, and expressed the hope that this will be achieved.

“But at the same time we must prepare for the worst case scenario, that is, of a no deal exit of the United Kingdom in 40 days from now,” he said.

The Cyprus-Britain Business Association, which operates under the umbrella of the Chamber of Commerce, has been working to safeguard the interests of its members and monitoring developments, remaining in constant touch with the Foreign Ministry’s team on Brexit.

Members were asked a month ago to cite the issues raised, their concerns and what measures can be included in an urgent action plan being drawn up by the Foreign Ministry to deal with the situation in the event of a no-deal Brexit.

The Chamber of Commerce is also working to attract UK-based companies that may be looking to move or acquire a new basis in an EU country, Angastionitis said.

The Eurochambers, of which the Cyprus Chamber is a member, have also expressed concern and said they would welcome a postponement of the actual withdrawal date to give time to find a solution.

They noted that a no-deal Brexit would mean that there would be no transitional period and the smooth, custom free trade between the EU and the UK would end overnight, with the UK being treated as a third country.

Repercussions are also expected on transport, VAT, contracts, intellectual property rights, employment and many others, they added.


Top Stories

Eight new coronavirus cases detected out of 2,893 tests

The Ministry of Health has announced that 8 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Omonia: 60 people to self-isolate due to covid case

Omonia's delegation, that travelled to Athens for the first match with Olympiakos in Faliro in the context of the Champions League playoffs (0-2 defeat),...

Two journalists stabbed near Charlie Hebdo’s old offices – France opens anti-terror probe

France opened an anti-terror investigation after two journalists were stabbed in Paris on Friday near the former offices of the Charlie Hebdo satirical magazine...

UK’s Tesco blocks bulk-buying of toilet roll and flour

Britain's biggest supermarket Tesco will prevent customers from bulk-buying flour, pasta, toilet rolls and anti-bacterial wipes to prevent a re-run of the COVID-19 stockpiling...

COVID-19: Average age in Cyprus is 39 (tables)

Here are the infographics, by the Ministry of Health, with statistics on the course of the coronavirus until September 22nd. The average age in...



Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...


Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...