[ad_1]
Key analysis and exclusive content under the tree. You can even give someone a last minute gift with a one-year subscription to Portfolio Signature. And if you buy an annual subscription for multiple friends, friends and family at the same time, you can also get a quantity discount. So in addition to being a useful holiday gift, it can even support the production of quality inexpensive content. Know more
Years of political and economic uncertainty about Brexit could end. The Prime Minister’s Office in London said Thursday afternoon:
Agreement was reached on the terms of the future relationship between the United Kingdom and the European Union.
The deal will be reached just days before the year-end deadline and could end the greatest fears of economic turmoil. An agreement reached after months of negotiations sets the terms for a more relaxed relationship after January 1.
Britain will leave the EU single market and customs union later this year. Companies have a few weeks left to adjust to the agreement.
The essence of the agreement is that both parties continue to trade duty freeBut exporters and importers face a heavy bureaucratic burden.
The agreement also states that the free movement of workers between the two economies will be abolished and trade in services will be significantly reduced. And London’s huge financial center no longer has guaranteed access to European markets.
The agreement has not yet been ratified by the British Parliament and the European Parliament.
What do the parties say?
In relation to the announcement, the President of the European Commission stressed that the agreement reached on the terms of the future relationship between the European Union and the United Kingdom was fair, balanced and equitable. Von der Leyen stressed at a press conference that the agreement reached will ensure that the UK, which has left the EU, remains a close partner of the 27-year-old EU.
Prime Minister Boris Johnson’s spokesman emphasized that this was the first free trade agreement of its kind that the EU had concluded with a third country, and for both parties it was the most valuable bilateral free trade agreement to date.
Starting next week, following the end of an 11-month transition period that began after the end of Britain’s membership in the EU (Brexit) in January,
the UK will end EU freedom of movement for people and introduce immigration rules based on a scoring system.
An agreement on the terms of the future relationship between the European Union and the United Kingdom represents a new generation of free trade agreements, EU chief negotiator Michel Barnier said Thursday in Brussels. In a press conference with Ursula von der Leyen, president of the European Commission, Barnier emphasized that the agreement reached would create a new partnership and economic relationship with the United Kingdom. The infinitely complex and unprecedented deal gives Britain the status of an independent coastal state, while protecting the rights of EU fishermen, the EU’s chief negotiator said in an MTI report.
Cover image source: MTI / EPA pool / Olivier Hoslet
[ad_2]
