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EU ambassadors will meet this Christmas for a briefing by European chief negotiator Michel Barnier. They will need two to three days to study the agreement and decide on its implementation.
The British Parliament must examine the free trade agreement with the EU before voting on December 30. Labor called him “thin” but said they would support him as a better alternative to a no-deal exit.
The EU parliament will have to ratify the deal, but it probably won’t before the New Year, meaning it will be applied provisionally by then.
A 34-page summary of the UK-EU trade deal was posted on the UK government’s website.
The agreement itself is about 1,500 pages long, and others about 1,000 are made up of annexes and footnotes.
In a Christmas video message, the British Prime Minister proudly presented a copy of the agreement.
“Tonight, on the eve, I have a small gift for all those who want to have something to read after Christmas dinner and this is what it is all about, I have news, good news that brings us great joy: we have an agreement. An agreement that will give certainty to businessmen, travelers and investors from January 1. An agreement concluded with our European friends and partners “.
Rates and fees
The EU will not apply quotas and tariffs as conditions of access to the single European market, one of the most important in the world. This is the central point of the agreement.
Commerce
There will be mutual recognition of reliable business programs. UK manufacturers will need to comply with UK and EU standards.
State aid
The EU has insisted on aligning Britain with the EU bloc’s state aid rules.
Brussels has expressed concern about the possible competitive advantages that Britain would seek to obtain through state subsidies. Britain has managed to reject this idea completely, writes The Guardian.
On the other hand, the United Kingdom will establish its own subsidy system. An internal enforcement agency will be created to assess whether the aid is trade distorting.
It is a great concession granted by the EU.
The agreement establishes the ability of both states to take corrective action if it is established that the internal implementing body has not complied with the common principles.
Freedom of movement
British citizens no longer have the freedom to work, study, start a business or live in the EU.
Visas will be required for stays of more than 90 days.
Fishing
The United Kingdom will no longer participate in the Common Fisheries Policy.
Fishing in British waters brings annual revenues to EU member countries of around € 650 million compared to € 850 million for the British fishing fleet.
The Kingdom will apply a 25% fee, which will be paid in stages over a period of five and a half years. Thus, a quarter of the value of fish catches in European countries, that is, 162.5 million euros per year, will be “repatriated” at the end of this period. Subsequently, the parties will negotiate the fees annually.
Community bloc vessels will be able to fish 6 to 12 nautical miles off the British coast during the transition period.
Thereafter, the UK will have to notify European parties three months before a possible access ban. In such a situation of denial of access, the other party may request compensation or apply fees in response.
Standards for competition
Both parties agreed on environmental, social or labor standards that should be applied equally.
Ursula von der Leyen said there would be a four-year review to ensure a level playing field.
One of the bottlenecks in the talks was the EU’s insistence on an “evolution clause” or an “equivalency mechanism” in terms of the British government.
It would have allowed the EU to impose tariffs on British products unilaterally in the event of divergence of rules at some point. Therefore, if one party decides to change its rules, the other will have to do so or there will be consequences.
The agreement contains a commitment that provides for a review and a “rebalancing” clause so that both parties can initiate a formal review of the economic parts of the agreement, including the minimum standards. If one party is late, the other may decide to apply fees, these will have to be approved by an independent arbitration panel.
Conflict resolution
It was one of the most difficult areas of negotiation. German Chancellor Angela Merkel said that disagreement on the arbitration mechanism was the biggest obstacle to reaching an agreement.
The EU has expressed concern that the UK may deviate too far from EU rules along the way and relying on the ruling party, to create considerable competitive advantage and become a “Singapore on the Thames”.
If one of the parties considers that the business relationships are distorted, it can take action after the consultations have been made. An arbitration panel will meet within 30 days to render a verdict. If the measures are found to be wrong or excessive, the injured party is entitled to compensatory measures.
Erasmus
The UK will no longer participate in the student exchange program because it did not accept the EU’s seven-year payment plan.
Business and business trips to the EU
Employees seconded to the EU for work have the right to stay for up to three years if they hold managerial positions or are specialists, while apprentices can stay for up to one year.
Short-term business travelers need work permits and can stay in the UK for 90 days a year.
Security
The UK will no longer be a member of the European arrest warrant system or a full member of Europol and Eurojust.
The UK will maintain an “access mechanism” to the Schengen Information System, a database of alerts on stolen property and missing persons.
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