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The new free trade agreement between the EU and the UK guarantees duty-free trade in goods and continued British participation in the EU’s main research program, Horizon.
The new free trade agreement covers not only goods and services, but also investments, competition rules, state aid rules, tax policy, air transport, road transport, energy and sustainability, fisheries, data security and coordination of benefits of social security, writes the EU Commission in a press release.
The agreement ensures that trade in goods between the EU and the UK can continue without customs barriers, provided the rules of origin are respected.
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Competition rules
Among the most difficult points in the negotiations is the EU’s key demand for fair conditions of competition.
Therefore, the agreement contains detailed provisions to ensure continued high standards in the environment, climate, working conditions, tax policy and the use of state aid.
A new dispute resolution system will also be established where the decisions made will be binding.
At the same time, the UK has obtained approval for the European Court of Justice to have no role in this system.
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Fishing
Britain’s departure from the EU means that Britain becomes an independent coastal state that is free to decide who will have access to British waters.
The UK is also abandoning the EU’s Common Fisheries Policy.
But in the new agreement, an agreement has been reached on a framework for mutual access to the area between the EU and the UK and the joint management of various fish stocks.
In a transition period of 5.5 years, the EU will gradually transfer 25 percent of its fishing quotas to the UK, leaving the British with more fish.
It is not yet clear how this will affect Norway. Norway now wants to negotiate a new trilateral fisheries agreement between Norway, the EU and the UK.
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EU program
The UK is now pulling out of a number of EU programs and will not be involved in the next generation of the EU, the major reconstruction package that will lift the EU out of the crown crisis.
But the British will continue to participate in some programs, including the large Horizon Europe research program, which also includes Norway.
Other programs in which the UK will participate are Euratom, ITER and Copernicus.
The UK, for its part, has chosen to abandon Erasmus cooperation in higher education.
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