Ten months after the start of negotiations between the United Kingdom and the European Union, the two parties have finally found common ground regarding their future trade relationship. This agreement prevents economic disaster by avoiding a “no deal,” which would have been catastrophic.
This is likely the best news we’ve received from across the channel regarding the UK’s exit since the 2016 referendum, where the British voted by a majority of 51.9%, initiated by the then Prime Minister David Cameron.
Negotiations took place between the British Prime Minister Boris Johnson and Ursula von der Leyen, the President of the European Commission. They engaged in lengthy discussions to find a solution to the fishing deadlock, which was the last sticking point. This sector may seem trivial, but fishing holds social and political weight for many EU member countries, such as Denmark, Ireland, the Netherlands, and France. The UK has made it a priority to regain control over its waters since its split with Europe.
This text of over 2000 pages could be provisionally implemented on January 1st, when the UK will have definitively left the single market. After this date, the text will be ratified by the European Parliament. It’s worth remembering that the United Kingdom left the European Union on January 31, 2020. However, European negotiator Michel Barnier has announced that, despite the agreement, there will still be significant changes for businesses and citizens, which result from the consequences of Brexit.
The agreement between the European Commission and the United Kingdom still needs to be approved by the member states, a process expected to take several days. With this historic signing, the former EU member is granted quota-free and tariff-free access to over 450 million potential consumers across Europe.
