On December 24, 2020, the European Union and Great Britain reached a historic agreement, known as the EU-UK Trade and Cooperation Agreement. The agreement marks the end of the Brexit transition period, which began when the UK officially left the EU on January 31, 2020.
The EU-UK Trade and Cooperation Agreement is a comprehensive document containing provisions on a wide range of topics, including trade, fishing, security, and cooperation in areas like energy and transport. Let`s take a closer look at some of the key aspects of the agreement.
Trade
The most significant aspect of the EU-UK Trade and Cooperation Agreement is the establishment of a free trade area between the EU and the UK. The agreement eliminates tariffs and quotas on goods traded between the two parties, which will help to facilitate trade and reduce costs for businesses on both sides.
However, it`s important to note that there will still be some non-tariff barriers to trade, such as customs checks and regulatory requirements. This means that businesses will need to be prepared for additional bureaucracy and potentially higher costs when trading with the EU or the UK.
Fishing
Fishing was one of the most contentious issues in the negotiations between the EU and the UK. The EU wanted continued access to UK waters for its fishing vessels, while the UK wanted to take control of its own waters and set its own fishing quotas.
The final agreement provides for a gradual transition period, during which EU fishing boats will have reduced access to UK waters. After that period, the UK will have the right to set its own fishing quotas and control access to its waters.
Security
The EU-UK Trade and Cooperation Agreement includes provisions on security and law enforcement cooperation, which will help to maintain the close relationship between the EU and the UK in these areas.
The agreement provides for continued cooperation on issues such as counter-terrorism, cybersecurity, and the exchange of information between law enforcement agencies. It also includes provisions on extradition and the transfer of criminal proceedings between the EU and the UK.
Overall, the EU-UK Trade and Cooperation Agreement represents a significant milestone in the long and complex process of Brexit. While there are still many details to be worked out and some aspects of the agreement may be subject to further negotiation, the establishment of a free trade area and continued cooperation on security and law enforcement are positive developments for both the EU and the UK.