After months of negotiations, the United Kingdom and the European Union finally reached a trade agreement on December 24, 2020. The deal, which was officially signed on December 30, outlines the terms of trade between the UK and the EU following Brexit.
The full text of the agreement, which spans over 1,200 pages, was released shortly after it was signed. The document covers a wide range of topics, including trade in goods, services, and investment, as well as cooperation on areas such as transport, energy, and data protection.
One of the key aspects of the trade agreement is the avoidance of tariffs and quotas on goods traded between the UK and the EU. However, this does not mean that there will be no changes to the way trade operates between the two entities. For example, the agreement includes provisions for customs checks and regulatory checks at borders, which will result in additional paperwork and processes for businesses trading across the Channel.
The agreement also includes provisions for services, which make up a significant portion of the UK`s economy. These provisions aim to provide some continuity for UK businesses that provide services to EU customers, as well as to EU businesses operating in the UK. However, there are limitations to the extent to which service providers from one country can operate in the other country under the new rules.
Overall, the full text of the UK-EU trade agreement provides a detailed and comprehensive look at the terms of trade between the two entities following Brexit. It is a valuable resource for businesses and individuals seeking to understand the new rules and regulations that will govern trade between the UK and the EU going forward.