Since the United Kingdom officially left the European Union on January 1, 2021, there has been much speculation and uncertainty surrounding the future relationship between the two entities. However, on December 24, 2020, the UK government announced that a trade and cooperation agreement had been reached with the EU, providing a framework for future economic and social cooperation.
The trade and cooperation agreement, which can be found on the UK government`s website (gov.uk), covers a wide range of topics including trade, fishing, energy, transport, and law enforcement. It is a comprehensive document that outlines the terms of the UK`s future relationship with the EU.
One of the most significant aspects of the trade and cooperation agreement is the section on trade. The agreement establishes tariff-free and quota-free trade between the UK and the EU, eliminating the need for customs duties and allowing for the free movement of goods. This is a particularly important development for businesses that rely on trade with the EU, as it provides greater certainty and stability for them going forward.
The agreement also covers a number of other important areas. In terms of fishing, for example, the UK will regain control of its waters and be able to set its own quotas for fish stocks. The energy section of the agreement covers areas such as electricity trading and the development of renewable energy projects, while the transport section outlines the rules for road transport, aviation, and rail travel.
Another key element of the trade and cooperation agreement is the section on law enforcement. The UK and EU have agreed to cooperate closely on issues such as counter-terrorism, cybercrime, and extradition. There is also a commitment to protecting human rights and ensuring that data is processed in accordance with EU data protection laws.
Overall, the trade and cooperation agreement represents a significant milestone in the UK`s relationship with the EU. It provides a solid framework for future cooperation across a range of areas and should help to provide greater certainty and stability for businesses and citizens on both sides of the Channel. The full text of the agreement is available on the gov.uk website and is well worth a read for anyone interested in the UK`s future relationship with the EU.