UK and EU finalize Brexit agreement
The UK and the European Union (EU) have a post-Brexit free trade agreement a few days before the 31 December deadline expires. This was confirmed by European Union officials in Downing Street in London and Brussels. Thousands of pages of legal documents have been associated with this agreement and the details are expected in the next few days. This includes final approval of the FTA (Free Trade Agreement) by the Parliament of both parties. Downing Street said in a statement, “We have completed Brexit and now we can take full advantage of the opportunities available to us as an independent trading country and enter into trade agreements with other partners of the world.” Downing Street said Britain has regained control of its money, customs, laws, trade and fishing waters. “We have signed the first free trade agreement on the basis of zero tariffs and zero quota.” It is the largest bilateral trade agreement reached by both sides. It has a trade of 668 billion pounds in 2019. ‘
This agreement shows the detailed way: EU On the other hand, the European Union said that it is a good agreement, which shows a wide path. EU President Ursula von der Leyen said at a press conference in Brussels, “We finally reached the agreement. It is a fair and responsible agreement. ”She said,“ EU rules and norms will be respected. Britain was our ally for a long time. Now is the time to look to the future as Britain will now be the third country in relations with the economic bloc. Now Britain will have a ‘race’ to approve and ratify this agreement before it exits the economic structure of the European Union. Stress situation persisted for months
The UK Parliament is expected to approve the deal next week. Prime Minister Boris Johnson has a substantial majority in the House of Commons, which is expected to sign the agreement on time. The agreement is expected to be approved by the European Union in the new year. The veto right is not expected to be exercised by EU member states. Tensions between the two sides have been present for many months in negotiations over the deal. The main issue between the two sides was the fair competition rules, the mechanism for settling future disputes and the right to fishing. The final hurdle was the right to transport EU boats into the UK waters, which was later resolved.
