The Trade and Cooperation Agreement Uk Eu

On December 24, 2020, the UK and the EU announced that they had reached a trade and cooperation agreement. This agreement replaces the UK`s membership in the EU`s single market and customs union. It is a historic moment in the UK`s history as it marks the end of over 40 years of membership in the EU.

The trade and cooperation agreement covers a wide range of issues, including trade in goods and services, security, transport, energy and fishing. It provides for zero tariffs and zero quotas on all goods, subject to rules of origin. This means that goods produced in the UK will be treated as if they were produced in the EU, and vice versa. It also ensures that a level playing field is maintained, with both sides agreeing to maintain high standards on issues such as health and safety, labor rights, and environmental protection.

The agreement also provides for cooperation in a number of areas, including law enforcement, foreign policy, and development. It establishes a new partnership council to oversee the implementation of the agreement and to hold regular meetings between the UK and the EU.

One of the most controversial aspects of the agreement has been the issue of fishing. The UK has regained control of its waters, but there will be a five and a half year transition period during which the EU will have access to UK waters. After that, the two sides will negotiate a new agreement on fishing.

Overall, the trade and cooperation agreement is a significant achievement for both the UK and the EU. It provides certainty for businesses and helps to avoid disruption to trade, while also safeguarding standards and ensuring cooperation on important issues. However, it is important to remember that there will still be some friction and adjustment costs as the UK adjusts to its new relationship with the EU.