“Deal is Done” – The UK and European Union formalise Zero-Tariff post-Brexit trade deal; Key points explained

“Deal is done”, tweeted British PM Boris Johnson as the The United Kingdom and European Union reached a post-Brexit trade deal which will come into effect from January 1, 2021. The deal comes after months of strained negotiations.

The agreement also averted a much-feared “no-deal” scenario which could have sparked economic chaos and risked major disruption to the flow of goods and medicines between the UK and EU. The United Kingdom had exited the European Union on January 31 this year.

Prime Minister Boris Johnson spoke to the media and said the agreement was a “good deal” for the “whole of Europe”. He said the deal was one that signified “a new stability and a new certainty in what has sometimes been a fractious and difficult relationship.”

Saying that the deal is good for British businesses, the government has said that it has agreed on a zero tariff free trade deal which is great news for British families and businesses. The UK government has taken a nationalistic stance on the deal. “From January 1, the UK and EU will have a free trade agreement based on zero tariffs and zero quotas. We will have control of our laws with no role for the European Court of Justice”, said 10 Downing street.

“This deal includes a commitment to maintaining high labour, environment and climate standards without giving the EU any say over our rules. We can now take full advantage of the fantastic opportunities available to us as an independent trading nation, striking trade deals with other partners around the world”, the government said.

The European Commission President Ursula von der Leyen who took part in the negotiations said that the EU had struck a fair and balanced post-Brexit trade deal, but signaled that the EU had the upper hand in the negotiations.

Post-Brexit Trade Deal Key Points

• Zero tariffs and quotas on goods
• The end of free movement, meaning UK citizens will no longer have the right to work, live, study, or start a business in the EU without a visa
• Border checks will apply between the UK and EU member states
• There will be no hard border on the island of Ireland between the Republic of Ireland and Northern Ireland
• The UK will be able to further develop British fishing activities for at least 5-and-a-half years, during which time European fishing communities will be safeguarded
• A shared commitment to protecting the environment, to fight against climate change and carbon pricing
• A shared commitment to protecting social and labor rights
• Keeping standards on tax transparency
• Passengers’ and workers’ rights in the transport sector
• The UK’s continued participation in a number of EU programs until 2027 such as Horizon Europe, subject to a UK financial contribution.