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BENGALURÚ (REUTERS) – The post-Brexit trade deal reached by the UK and the European Union goes beyond the EU’s so-called “Canada-style” trade deal, the BBC said on Friday (December 25), citing what which he said was a complete copy of the agreement.
The 1,246-page document includes some 800 pages of annexes and footnotes, the BBC said, adding that the pages of the legal text will determine all aspects of trade between the UK and the EU.
British Prime Minister Boris Johnson on Thursday described the last-minute deal as a “huge” free trade deal along the lines of the EU-Canada line, urging the UK to overcome divisions caused by the Brexit referendum. of 2016.
The BBC report added that, at first glance, the full post-Brexit text went beyond the so-called “Canada-style” deal.
An addendum revealed a belated pledge on electric cars, the BBC reported. The EU had tried to offer duty-free access only to British cars made primarily from European parts. That will now roll out gradually over six years, but is less generous than the UK had requested, the BBC said.
There is a clear commitment not to lower the standards on the environment, workers’ rights and climate change to those that currently exist and the mechanisms to enforce them, the BBC reported.
However, he added that there is also a mutual right to “rebalance” the agreement if there are “significant divergences” in the future capable of “affecting trade.”
Similarly, compensation restrictions for unfair subsidies to companies “do not apply” in situations such as natural disasters, the BBC said. That will exempt the current large EU pandemic support package for aviation, aerospace, climate change and electric cars.
Britain closed a close Brexit trade deal with the European Union on Thursday, just seven days before exiting one of the world’s largest trading blocs.
The deal will preserve Britain’s zero-fee, zero-quota access to the 450-million-consumer bloc’s single market, but will not avoid pain and economic disruption for the UK or EU member states.
The UK formally left the EU on January 31, but has since been in a transition period under which rules on trade, travel and business remained unchanged until the end of this year.
Britain’s parliament will debate and vote on the deal on December 30, just one day before the transition period expires.
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