The UK on Saturday released the trade deal it reached with the European Union to facilitate its break with the bloc, revealing for the first time details of the deal both sides promoted earlier this week.
The 1,246-page trade paper covers a number of trade issues, as well as agreements on issues such as nuclear energy and intelligence exchanges. It mainly means that when leaving the EU, the UK will not face any tariffs or fees in its trade relationship with its continental neighbors.
As part of the agreement, the UK will be obliged to subscribe to the principles of “a level playing field” to ensure that EU trading partners do not have advantages over the continent in receiving state aid or implementing more environmental or labor regulations. laxes. British products will also have to face regulatory controls at the border.
The two sides first announced the trade deal earlier this week, considering it a good deal after months of tense negotiations. The deal helps prevent a “tough” Brexit ahead of the UK’s formal break-up in January, which would have caused major disruptions across Europe.
The agreement was presented to European ministers on Friday and will have to be ratified by the European and British parliaments.
“It simply came to our notice then. It was a long, winding road, but we still have a long way to go. It is fair, it is a balanced agreement and it is right and responsible to do both parties, “European Commission President Ursula von der Leyen told a news conference on Thursday.
The agreement allows each party to use an independent grant control awardee to resolve any dispute.
Specific provisions include service agreements, which account for approximately 80 per cent of the UK economy, and fishing rights, an important issue for coastal cities in the UK and the EU.
The two sides agreed services to “establish a favorable climate for the development of trade and investment between them”, and the UK said it would introduce new rules on EU fishing in British waters for 5 and a half years. After this period of time, the two sides would hold annual negotiations on which EU vessels can catch in these waters.
The UK will also not stop participating in certain security exchange groups, but intelligence is expected to flow between the two sides.
The deal has overcome four years of uncertainty since a 2016 referendum in the UK that caused a meager majority of voters to support the European bloc. The vote sparked a brawl on both sides in figuring out a way to formalize the rupture, with years of negotiations that proved fruitless until recent months.