The trade and cooperation agreement between the United Kingdom and the European Union has finally been ratified, bringing an end to years of negotiations and uncertainty. This deal will govern the UK`s relationship with the EU and provide a framework for trade and other forms of cooperation.
The deal was signed on December 30, 2020, and was implemented on January 1, 2021, following the end of the Brexit transition period. The ratification process involved approval from the EU`s Council of Ministers and the European Parliament, as well as the UK`s Parliament.
One of the main objectives of the trade and cooperation agreement is to maintain tariff-free trade between the UK and the EU. This means that goods can continue to move between the two regions without additional fees or taxes, which will help to support businesses and consumers on both sides. However, there are still some barriers to trade, such as customs checks and regulatory differences, which could cause delays and additional costs for businesses.
The agreement also includes provisions for cooperation in areas such as security, law enforcement, and data protection. This will help to maintain close ties between the UK and the EU, despite the UK`s withdrawal from the bloc. The agreement also includes commitments to uphold environmental and labor standards, which will ensure that businesses on both sides of the channel are held to high standards.
The ratification of the trade and cooperation agreement has been welcomed by many businesses and governments, who have been concerned about the potential impact of a “no-deal” Brexit on both the UK and the EU. However, there are still some concerns about the agreement, particularly in areas such as fishing rights and financial services.
Overall, the trade and cooperation agreement represents a significant milestone in the UK`s relationship with the EU. It provides a framework for continued cooperation and trade, which will be important for businesses and consumers on both sides of the channel. However, there are still some challenges ahead, and it will be important for both the UK and the EU to work together to ensure that the agreement is implemented smoothly and effectively.