Brexit deal explained: What is included in UK-EU trade agreement as Britain takes control?

After nine months of tiresome negotiations, UK and European Union have finally signed Brexit deal on December 24 just a weak before Britain finally leaves 27-nation-bloc on December 31 with end of 11-month transition period. Since Brexit talks about dominated UK politics throughout year amid COVID-19, ‘British exit’ from EU 48 years after it joined European Ecomic community is finally done and dusted. 

Britain h officially left European Union on January 31 at 11:00 PM (2300 GMT) after joining bloc in 1973 with flag of United Kingdom - Union Jack - was taken down from European Council building Brussels. After which, it h entered into a transition period with bloc until December 31, 2020, with an aim to strike an agreement defining post-Brexit relationship between UK and EU. While negotiations suffered many blows including pandemic and or deciding factors, a Brexit deal was finally secured at 1:44 GMT on Christmas Eve.

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What is in Brexit deal?

As per summary published on UK government website of UK-EU Tre and Cooperation Agreement’s summary, both sides have agreed to “unprecedented 100% tariff liberalisation”. This means that all tariffs have been scrapped along with quotas on movement of goods produced by Britain and union. This is also “first time” that 27-nation-bloc has agreed to a ‘zero tariff zero quota deal’ with any or tring partner, starting from January 1, 2021.

Brexit deal also includes provisions to support tre in services providing UK with service suppliers with legal guarantees that will t face any disruptions to tre while selling into union along with supporting British professionals who will continue ir business across Europe.

UK gov summary also said, “ Agreement firmly and explicitly recognises UK sovereignty over our fishing waters and puts us in a position to rebuild our fishing fleet and increase quotas in next few years, finally overturning inequity that British fishermen have faced for over our deces.”

Apart from cooperation in tre that is roughly half of $900 billion of annual EU-UK commerce, both sides have also ensured “streamlined co-operation on law enforcement” in order to tackle crime as well as terrorism. summary evidently states that entire deal is based on international law and t EU law. It ded, “re is role for European Court of Justice and requirements for UK to continue following EU law.”

agreement was agreed on top of formal Withdrawal Agreement which was reached in 2019 and UK and EU decided to divide fishing quotas, which was also one of most crucial elements of negotiations. 

However, post-Brexit deal between UK-EU have included backbone of British exports, that are financial and business services, only to a limited extent. Even cooperation on foreign policy, security and defence, transport, energy and civil nuclear cooperations will also be less than what UK experienced in union.

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