The United Kingdom has left the European Union, but the two entities are still bound together by a historic trade agreement. The UK-EU Trade and Cooperation Agreement was signed on December 24, 2020, and it went into effect on January 1, 2021. The agreement contains 1,200 pages of legal text and covers a range of topics, including trade, security, and fishing.
One of the key aspects of the agreement is the establishment of a free trade zone between the UK and the EU. This means that there will be no tariffs or quotas on goods traded between the two entities. The agreement also includes provisions for the recognition of professional qualifications, which will facilitate the movement of people between the UK and the EU.
The agreement also includes measures to ensure fair competition. For example, both the UK and the EU have committed to maintaining high levels of environmental and labor protections. The agreement also establishes a framework for resolving disputes between the two parties.
In terms of security, the agreement includes measures to enhance cooperation between the UK and the EU in areas such as law enforcement and intelligence sharing. The agreement also includes provisions for the UK`s continued participation in Europol and Eurojust.
However, one of the most contentious aspects of the agreement is the issue of fishing. The UK and the EU have agreed to a five-and-a-half-year transition period for fishery access. During this time, the EU`s fishing fleet will gradually reduce its access to UK waters. After the transition period, the UK will have the right to control access to its waters and set its own quotas.
Overall, the UK-EU Trade and Cooperation Agreement is a complex and far-reaching document that will have significant impacts on both the UK and the EU. It represents a significant step forward in the relationship between these two entities, but it also sets the stage for ongoing negotiations and disputes in the years to come.