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The moment after a post-Brexit trade deal was reached.
Source: Andrew Parsons / No10 Downing St
The UK and EU negotiating teams have reached an agreement in post-Brexit trade talks.
“We have finally reached an agreement,” said the president of the European Commission, Ursula von der Leyen, at a press conference held at 2:55 p.m.
In London, UK Prime Minister Boris Johnson said: “We have regained control of our laws … of every jot and tittle” of UK laws and regulations.
Johnson said the agreement is about 500 pages long.
Reports had circulated for the past 24 hours that a final deal was imminent, but a last-minute problem in the fishery delayed an announcement confirming the news.
“Clearly they are still negotiating, and they are still trying to finalize a deal, but certainly the momentum is that we will get a Brexit deal on Christmas Eve,” Coveney said this morning.
“Hopefully Brexit brings us good news this Christmas Eve.”
Ho Ho Ho! 🎄 Press conference of @vonderleyen and @MichelBarnier @EU_Commission in a few minutes!
🇪🇺🇬🇧 Watch live here: https://t.co/To28pGgcPn
– Daniel Ferrie 🇪🇺 (@DanielFerrie) Dec 24, 2020
Some of the details of the deal
In his statement at the European Commission, von der Leyen thanked UK chief negotiator David Frost and his team for being “tough but fair” in the negotiations.
Von der Leyen said there will be a review within four years to ensure that the level playing field provisions are met.
He said that if the UK doesn’t follow the rules, there will be quotas and tariffs, “so there is a price to pay for that.”
“This agreement will write history,” von der Leyen said.
EU chief negotiator Michel Barnier said “time is no longer running.”
Today is a day of relief when comparing what came before with what lies ahead.
Barnier said that one of his biggest regrets was that the UK decided not to participate in the Erasmus program, but that it was a decision by the British negotiating team.
A Downing Street source said: “We have regained control of our money, borders, laws, commerce and our fishing waters.
The deal is fantastic news for families and businesses across the UK. We have signed the first free trade agreement based on zero tariffs and zero quotas ever reached with the EU.
“The agreement is the largest bilateral trade agreement signed by both parties, covering £ 668 billion worth of trade in 2019.”
The agreement removes the United Kingdom from the “lunar attraction of the EU”, which is no longer subject to the Brussels rules or the rulings of the Court of Justice of the European Union.
“All of our key red lines on the return of sovereignty have been achieved,” the source said.
“It means that we will have complete political and economic independence on January 1, 2021.”
Deal done in #Brexit! 🎅🏼
– Simon Coveney (@simoncoveney) Dec 24, 2020
The trade agreement in context
On January 31 this year, the UK officially left the European Union, prompting its MEPs to leave the European Parliament and the UK no longer had an EU commissioner.
Between that date and December 31, known as the “transition period”, it continued to form part of the Single Market and the Customs Union.
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Trade talks have been ongoing since March in London and Brussels.
More than 97% of the issues had been agreed and written in a legal text weeks ago; the remaining obstacles holding back a final agreement were related to level playing field rules, a dispute resolution mechanism and fishing.
The trade deals for Northern Ireland, which are being investigated and debated by an independent committee, were agreed on December 8.
A political decision was needed in the last weeks of the year to secure a trade deal; Ratification by the European Parliament and the House of Commons is still required before the new trade agreements can enter into force.
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