After nine months of often bitter wrangling, Britain and Brussels have finally decided on a post-Brexit trade agreement – here’s what it means.
– What does it mean for a company?
The big consequence of the agreement is that the United Kingdom The Brexit transition period would not have to end at the end of the month under the terms of the World Trade Organization (WTO), which would have meant tariffs on goods entering and exiting the country.
In the U.K. Without such tariffs being levied, it will now have access to its largest export market.
Many leading economists, however, conclude that the gross domestic product of the United Kingdom, a measure of economic growth, would be lower outside the EU than it would have been if the nation had remained a member.
– How would it affect fisheries?
While fishing rights are a minor part of the economy, since Britain saw them as a sign of its sovereignty, they became a totemic conflict between the two sides.
As the deadline for an agreement approached, Britain made compromises, but Prime Minister Boris Johnson maintained that the result would be that Britain would once again be “an independent coastal state with complete control over our waters.”
From the 14 years originally requested by the EU, the transition duration was reduced to five and a half years and Brussels will reduce its quota share by 25 percent.
Britain has treated fishing rights as a sign of supremacy (Brian Lawless/PA)
– How is this going to impact security?
Under the agreement reached with Brussels, Britain and the EU will continue to collaborate on security and policing issues, while Britain will no longer experience the same level of “facilitation” as before.
The EU briefing letter confirmed that the United Kingdom would no longer have “direct real-time access” to sensitive freedom, security and justice databases.
However, it noted that the agreement requires “ambitious” provisions for the “timely, effective, efficient and reciprocal exchange” of information on airline passenger data and criminal records, as well as DNA, fingerprint and vehicle registration information.
– What about the level of the field of play?
This was one of the last big sticking points in the talks, but in areas such as the climate and labor rights, London and Brussels agreed on a platform for standards.
In four years’ time, a study will take place to ensure that the level playing field works, said President Ursula von der Leyen of the European Commission.
President Ursula von der Leyen of the EU Commission (PA).
– What is going on with state aid?
The UK managed to score a win, another serious point of contention.
After rejecting demands from Brussels to match its state aid rules with the EU, London will create its own subsidy scheme.
But Britain, on this topic, must abide by common principles with the EU.
– What about the way laws are created?
“will come to an end.”will come to an end.
– How will health and public pensions be impacted by this?
There will also be access to health insurance for British citizens in the EU, as will individuals from member states in the UK.
And the government has said that the deal ensures that retirees who retire in the EU can receive a state pension upgrade.
Without giving the EU a say in our pic.twitter.com/Gx6oOfbmzOfbmzO laws, this agreement contains a promise to uphold high labor, environmental and climate standards.
– Prime Minister of the United Kingdom (@10DowningStreet) December 24, 2020
– Is schooling going to be affected?
The Erasmus program, which historically had student exchange programs where people studied around the continent, would be replaced by a new, global program, Johnson said.
– Has travel been a problem?
The agreement allows for “continued and sustainable connectivity in air, road, rail and maritime transport,” said the European Commission.
The interests of passengers and the protection of transport would not be compromised by the agreement.
– What is that meant to mean for Northern Ireland?
For goods moving from Britain to Northern Ireland, the agreement eases the customs situation.
Under the previous withdrawal deal, which was intended to avoid a hard border on the island of Ireland, Northern Ireland remains in the EU’s single market for goods.
The zone also adheres to EU customs regulations at its ports under the Northern Ireland Protocol.