A UK and EU trade deal was struck on Christmas Eve, a week before the end of the Brexit transition period.
A UK and EU trade deal was struck on Christmas Eve, a week before the end of the Brexit transition period.totaling
The announcement was made after a final morning call between UK Prime Minister Boris Johnson and the European commission president, Ursula von der Leyen,
The trade agreement was reported to be 2,000 pages thick and contained provisions on subjects varying from civil nuclear cooperation and energy interconnections to fishing and aviation.
The recent agreement would be the largest trade deal ever signed by either side and retained existing zero-tariff zero-quota arrangements on imports and exports totaling around £668bn a year.
“The deal also guarantees that we are no longer in the lunar pull of the EU, we are not bound by EU rules, there is no role for the European Court of Justice and all of our key red lines about returning sovereignty have been achieved,” said the UK government.
The agreement avoids a no-deal exit that the Office for Budget Responsibility had warned would reduce Britain’s economic output by £40bn in 2021 and cost more than 300,000 jobs.
The agreement prevented a no-deal Brexit that was feared to possibly reduce the UK’s economic output by £40bn in 2021 and cost more than 300,000 jobs.
The EU already sent the draft treaty to the 27 member states for approval.
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