After months of negotiations, the European Union and the United Kingdom have finally reached an agreement on their future relationship. The deal was announced on December 24, 2020, just a week before the end of the transition period that followed the UK`s departure from the EU on January 31, 2020.
The agreement covers a wide range of issues, including trade, security, cooperation on law enforcement, fishing rights, and more. Some of the key elements of the deal include:
– Trade: The UK and the EU have agreed to a free trade agreement that will allow for tariff-free and quota-free trade between the two sides. This means that businesses will not face additional costs or barriers when trading goods or services across the Channel. However, the deal does not cover all sectors and there will be new customs procedures for businesses to follow.
– Fishing: The UK and the EU have agreed on a framework for cooperation on fishing rights. The agreement includes a transition period during which EU boats will continue to have access to UK waters, but the UK will have more control over its fishing grounds in the long term.
– Security: The UK and the EU have agreed to continue to work closely together on law enforcement and security matters, such as sharing information on criminals and cooperating on terrorism prevention.
– Governance: The agreement includes a mechanism for resolving disputes between the two sides, which will be overseen by an independent arbitration panel. The UK will also be required to follow EU standards in certain areas, such as workers` rights and environmental protections.
Overall, the agreement represents a significant milestone in the UK`s post-Brexit relationship with the EU. It provides some certainty for businesses and individuals on both sides of the Channel, although there will still be some adjustments to be made as the new rules come into effect.
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