After months of negotiations, the United Kingdom and the European Union have finally reached a breakthrough Brexit agreement. This is a significant development that provides much-needed clarity for businesses and citizens alike, as the UK prepares to leave the European Union on January 1st, 2021.
The agreement covers a wide range of issues related to trade, security, and cooperation. One of the key points of the deal is that the UK will leave the EU`s single market and customs union, meaning that there will be new trade rules and regulations between the two sides. However, the agreement ensures that there will be no tariffs or quotas on goods traded between the UK and EU. This is a major relief for businesses that rely on trade between the two markets.
Another important aspect of the agreement is that it includes provisions on fisheries. As part of the deal, there will be a transition period during which the EU`s fishing fleet will maintain access to UK waters. However, this will be gradually reduced over the next five and a half years. After this period, the UK will have control over its own waters and can negotiate access for EU fishing vessels on an annual basis.
The agreement also addresses issues related to law enforcement and security cooperation. The UK will continue to participate in certain EU programs related to security, such as the exchange of DNA, fingerprints, and vehicle registration data. However, the UK will no longer have access to certain databases, such as the EU`s Schengen Information System.
Overall, this is a positive development that provides some much-needed clarity for businesses and citizens in both the UK and EU. The agreement ensures that trade will continue to flow between the two sides without the imposition of tariffs or quotas. It also provides a framework for cooperation on issues related to security and law enforcement.
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