The United Kingdom released its trade agreement with the European Union on Saturday to facilitate its break-up, revealing for the first time details of the agreement both sides were backing earlier this week.
The 1,246-page trade document covers a number of trade issues, as well as agreements on issues such as nuclear energy and information exchange. First, it means that upon leaving the EU, the UK will not face any tariffs or quotas in its trade relationship with its continental neighbors.
As part of the agreement, the UK will be required to adhere to the principles of “a level playing field” to ensure that EU trading partners do not have an advantage over the continent by receiving state aid or implementing looser trade rules. environment or work. British goods will also have to deal with regulatory controls at the border.
The two sides first announced the trade deal earlier this week, hailing it as a good deal after months of tense negotiations. The agreement helps prevent a “tough” Brexit ahead of the UK’s formal disruption in January, which would have caused widespread 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’s been a long, winding road, but we have a lot to show for it. It is fair, it is a balanced agreement and it is fair and responsible for 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 arbitrator to resolve any disputes.
Specific provisions include service agreements, which account for around 80% of the UK economy, and fishing rights, a top issue for coastal cities in the UK and the EU.
The two sides agreed on services to “establish a climate conducive to the development of trade and investment between them”, and the UK said it would introduce new rules on EU fisheries in British waters for 5 and a half years. After that period, the two sides will hold annual negotiations on which European vessels are allowed to catch in those waters.
The UK will also no longer participate in certain security-sharing groups, but information is expected to circulate between the two sides.
The agreement removes four years of uncertainty from a 2016 referendum in the United Kingdom, which led to a weak majority of voters leaving the European bloc. The vote sparked a struggle by both sides over finding a way to formalize the break, with years of negotiations proving fruitless until recent months.