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Britain formally left the EU on January 31 this year. Since then, the country has remained in the acquis communautaire during a transition period that expires at the end of the year. Meanwhile, the parties have negotiated a free trade agreement.
But the negotiations have been long and difficult. The three crucial questions of fair competition, how future trade disputes between the parties will be resolved and access to British fishing waters have been put on hold.
But on Thursday afternoon the news came that the agreement was in port.
The British government says In a statement, according to the BBC:
“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. “
According to the government, the agreement covers trade for 668 billion pounds in 2019. They believe that the UK will now enjoy complete political and economic independence on January 1.
“We have signed the first free trade agreement, without tariffs or quotas, reached with the EU.” Just before 4 pm, the President of the European Commission, Ursula von der Leyen, will give a press conference and, shortly after, the UK will also offer a press conference.
According to the British, the Court of Justice of the European Communities will not participate in future commercial disputes.
The text is updated
Read more:
Pia Gripenberg: everything you need to know about Brexit after the vote
Nightmare about the Brexit deal to the end
