As the year 2020 comes to a close, one of the most significant events taking place in the world of politics is the EU-UK Agreement. This agreement, which was signed on 24th December 2020, marks the end of a long and arduous negotiation process that began back in June 2016 when the UK voted to leave the European Union.
The EU-UK Agreement is a comprehensive trade deal that sets out the terms of the UK`s future relationship with the EU. It covers a wide range of issues, including trade in goods and services, fisheries, transportation, energy, law enforcement, and security.
One of the most important areas covered by the agreement is trade. The EU is the UK`s largest trading partner, and the agreement ensures that trade between the two will continue to be as frictionless as possible. The deal provides for zero tariffs and zero quotas on all goods traded between the two, which will help to protect jobs and support businesses on both sides of the Channel.
However, the deal is not without its drawbacks. The UK has lost its membership of the Single Market and the Customs Union, which means that there will be some additional bureaucracy and paperwork for businesses when trading with the EU. There will also be some restrictions on the ability of UK citizens to live and work in the EU, and vice versa.
The agreement also includes provisions on fisheries, which had been a major sticking point in the negotiations. Under the deal, the EU will gradually reduce its access to UK waters over a five-and-a-half-year period, after which the two sides will negotiate annual fishing quotas. This will be a significant change for fishermen in both the UK and the EU, and it remains to be seen how it will be implemented in practice.
Overall, the EU-UK Agreement is a significant milestone in the Brexit process. It provides a basis for continued cooperation between the UK and the EU in a wide range of areas, and it will help to ensure that trade between the two remains as smooth as possible. While there will undoubtedly be some challenges and difficulties in the years ahead, the agreement provides a solid foundation for the UK to build upon as it adjusts to life outside the EU.
