European Union and United Kingdom reach post-Brexit trade agreement | International



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FILE | Justin Tallis | AFP



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The United Kingdom and the European Union announced have reached a trade agreement in extremis, one week after their final separation, which will avoid a sudden break with chaotic consequences for economies already badly hit by the pandemic.

“We have signed the first free trade agreement based on zero tariffs and quotas that has been achieved with the European Union ”, congratulated a British government source.

The news was announced at the same time by European sources in Brussels.

After a long night of negotiations in Brussels, the announcement of the historic agreement seemed this morning, but last-minute problems with fishing quotas, had everyone on edge for much of the day, even leading to fear of failure.

This announcement theoretically leaves enough time for the agreement to sea approved by the 27 member countries of the European Union and can enter into force as of 11 pm on December 31, when the post-Brexit transition period ends.

This complex text packed with technical details, about 2,000 pages according to British media, will still have to be ratified by the European Parliament and the British MPs from Westminster, who should be ordered to interrupt their Christmas holidays and return to the chamber early next week.

Thanks to Johnson’s overwhelming Conservative Party parliamentary majority, obtained a year ago with a promise to “carry out Brexit,” the text is guaranteed to be approved in the UK.

It is unknown when the European Parliament will meet for its part, but the agreement could provisionally enter into force without ratification pending its return in January.



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