UK and EU Agree to Historic Post-Brexit Trade Deal
Posted on 12/24/2020
The United Kingdom and the European Union agreed Thursday on new Brexit trading arrangements. This is after more than four years after the U.K. voted to leave the bloc. The two sides reached a zero tariff-zero quota deal. The groundbreaking deal will bring relief to exporters on both sides. Both parties could have been facing higher tariffs and costs had a deal not been reached.
U.K. Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen praised the deal. The trade agreement still has to be ratified by the U.K. and EU parliaments in the coming days, with a vote in Westminster due Wednesday. The text of the agreement has yet to be released. U.K.’s chief trade negotiator Lord Frost said the full text of the free trade agreement would be published soon.
“The arguments with our European partners were at times fierce but this, I believe, is a good deal for the whole of Europe,” Boris Johnson said at a Downing Street press conference. Boris Johnson claimed it was a “good deal for the whole of Europe.”
