A successful conclusion was reached on Thursday between the European Union, EU and UK – United Kingdom, following Britain’s exit from the EU.
EU and UK struck a hard-fought trade agreement on Thursday, settling a bitter divorce that stretched over four years and setting the terms for a post-Brexit future as close neighbors living apart.
After a long and intense negotiations between the two parties, a successful conclusion was reached.
At a Downing Street news conference, British Prime Minister, Boris Johnson said: “We have taken back control of our laws and our destiny.” Although the detail of the agreement has yet to be released, the Prime Minister claimed it was a “good deal for the whole of Europe”.
The UK is set to exit EU trading rules on Thursday – a year after officially leaving the 27 nation bloc.
Reality of Brexit between the EU and UK
The deal between the EU and Uk will definitely bring big changes for business, with the UK and EU forming two separate markets and the end of free movement.
After nine months of tortuous talks, a Brexit deal was secured at 1.44pm GMT on Christmas Eve, avoiding a no-deal exit from the transition period with just a week to go.
Boris Johnson who admitted that the agreement reflected what both sides wanted to achieve independently and dependently.
The trade deal will come as a major relief to many British businesses, already lurching from the impact of the pandemic, who feared disruption at the borders and the imposition of tariffs, or taxes on imports.
As the deal was announced, Johnson – who had repeatedly said the UK would “prosper mightily”.
Meanwhile, European Commission President Ursula von der Leyen said in Brussels that: “This was a long and winding road but we have got a good deal to show for it,” adding that the deal was “fair” and balanced” adding that it is “time to turn the page and look to the future”. The UK “remains a trusted partner,” she stated.
The UK Chief Trade negotiator Lord Frost said the full text of the free trade agreement would be published soon.
The UK Parliament will be recalled on 30 December to vote on the deal – it will also need to be ratified by the European Parliament (EU).
Boris Johnson said the £668 billion a year agreement would “protect jobs across this country” and “enable UK goods to be sold without tariffs, without quotas in the EU market”. He nevertheless acknowledged that he had been forced to yield ground on his demands on fishing.
However, Labour leader Sir Keir Starmer – who campaigned against Brexit, said his party would vote for the deal in the Commons, ensuring it will pass, saying it was “a thin agreement” that “does not provide adequate protections” for jobs, manufacturing, financial services or workplace rights and “is not the deal the government promised.
“But with no time left to renegotiate, the only choice was between “this deal or no deal,” he added. No deal would have “terrible consequences for this country and the Labour Party cannot allow that to happen”.
Despite running to thousands of pages, the agreement leaves critical parts of the relationship to be worked out later. And it will not prevent some disruption to trade across the English Channel, since British exports will still be subjected to some border checks, adding costs for companies and causing potential delays at ports. EU and UK agree deal on Brexit trade.