December 27, 2020

EU and UK unveil post-Brexit trade deal

photo credit: UK Prime Minister (Flickr) 

The Gist

Details of the historic free trade agreement between the UK and EU have been published in full on Saturday - it is set to enter into force on January 1.

The List

  • The deal will guarantee tariff-free trade on most goods and create a platform for mutual effort in areas of crime-fighting, energy, and data sharing. 
  • The European Parliament said it doesn't have enough time to examine and approve the deal before the next year, a provisional deal will be therefore necessary. 
  • If the EU member states don't approve the provisional application trade tariffs between the UK and the EU will come into force from January 1. 
  • According to an EU spokesman, member states are set to approve the provisional application of the deal with the UK "in the coming days". 
  • The EU Commission said it proposed to apply the trade agreement "on a provisional basis, for a limited period of time until 28 February 2021". 
  • In order to come into force the post-Brexit trade deal needs to be backed unanimously by every EU member state. 

Additional information

We'd love to help you learn more about what's happening