The European Union and Britain on Thursday agreed a post-Brexit trade deal after nearly 10 months of banned talks to regulate ties when the UK emerges from the single market.
Here ‘s what we know so far about the 2,000 – page agreement – which has not yet been published – which covers areas from fishing to future competition after 31 December.
Draws
The agreement means that prices or quotas on goods exported in the UK and EU will not move between the two sides.
British exports still have to comply with EU health and safety standards and there are strict rules governing products made from parts that came from outside the EU or the UK.
London has recognized the lack of tariffs as a positive for the deal – but it is only helping to maintain some of the benefits Britain already had as a member of the bloc.
Fishing
One of the most difficult – and politically flammable – issues for the future of an EU fisherman’s access to Britain’s rich water was the last piece of the puzzle that fell into place before the agreement was announced. .
Britain had called for full control of its waters while EU coastal states tried to ensure their fleets could fish in UK waters.
Eventually the two sides reached a tough compromise that sees EU ships gradually waiving 25% of their current quotas during a five-and-a-half-year transition period.
After that there will be an annual compromise on the amount of fish EU vessels can take from British waters – and if Brussels is not happy they can take economic measures against the UK.
Level Playground
Another key hurdle was the so-called “level playing field” rules which the EU sought to prevent British companies from taking advantage of European competitors if London reduced rates in the future, or gave up. subsidy for businesses.
The UK had been fighting hard to put in place a system that could enable Brussels to follow its rules on issues such as environmental or labor rules and state aid.
However, the UK government acknowledged the agreement would allow both parties to “impose counter-assumptions if they believe they have been corrupted” subject to settlement.
Customs
Britain will leave the EU’s customs union with the single market at the end of the year, leading businesses to face new red tape for imports and exports across the Channel.
The UK said the agreement allows for the identification of “reliable trader” schemes that could cut bureaucracy on all sides, but it remains to be seen how widely this can be implemented.
Security
The EU says the agreement “establishes a new framework for law enforcement and legal cooperation in criminal and civil law matters”.
London said the agreement will see the two share DNA, fingerprints and passenger details and see them collaborate through EU Europol.
Brussels states that “security co-operation can be suspended in the event of the UK breaking its commitment to comply with the European Convention on Human Rights”.
‘Big changes’
Despite the agreement, both sides warn that “major changes” are coming from 1 January for people and businesses across Europe.
The people of the UK and the EU will no longer have free movements to live and work between the two.
“The free movement of people, goods, services and capital between the UK and the EU will come to an end,” Brussels said.
“The EU and the UK will create two separate markets; two distinct regulatory and legal areas. This will create barriers to trade in goods and services and to cross-border movements and exchanges that do not exist today – each side. ”
© Copyright Agence France-Presse, 2020.