The European Union and the United Kingdom (UK) yesterday struck a post-Brexit trade deal that is expected by both sides to mitigate the economic impact of the latter’s departure from the bloc after months of negotiations. "The deal is done," British Prime Minister Boris Johnson twitted, saying the UK would remain Europe's ally and ‘number one market’.
"This agreement is in the United Kingdom's interest, it will set solid foundations for a new start with a long term friend," president of the European Commission Ursula von der Leyen said.The European Union and the United Kingdom (UK) yesterday struck a post-Brexit trade deal that is expected by both sides to mitigate the economic impact of the latter's departure from the bloc after months of negotiations. "The deal is done," British Prime Minister Boris Johnson twitted, saying the UK would remain Europe's ally and 'number one market'.#
"It was a long and winding road, but we have a good deal at the end of it…The single market will be fair and remain so," she was quopted as saying by global newswires.
The UK, which formally left the EU in January after a referendum in 2016—the first to do so, continued its ties with the EU's rules during a transition period that ends at midnight on December 31, when the UK will leave the bloc's single market and customs union.
Von der Leyen thanked the British negotiators and said that although the UK would become a ‘third country’, it would be a trusted partner.
German Chancellor Angela Merkel said she was ‘confident’ that the deal was a ‘good outcome’ as it now goes over to EU member states to agree.
"While we will miss the UK from the European Union, the fact that a deal is now in place means we can focus on how we manage good relationship in the years ahead," Irish premier Micheal Martin twitted.
The European Commission will now send the text of the accord to the European member states, which may take a few days to analyse the agreement and take a decision on approving its provisional implementation.
The British Parliament will also have to convene during the holidays to vote on the deal before the year ends.
Once it is signed off and the text published in the EU's official journal, it will go into effect on January 1.
The European Parliament can then retrospectively approve the deal at some point in 2021, speaker David Sassoli said.
Fibre2Fashion News Desk (DS)
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