Brexit Trade Deal Agreements

The Brexit Trade Deal Agreements: What You Need to Know

The United Kingdom`s exit from the European Union has been a long and contentious process, and one of the most critical aspects was the negotiation of trade deals. After much debate, a trade agreement was finally reached on December 24, 2020, just days before the end of the Brexit transition period. Here is what you need to know about the Brexit trade deal agreements.

The Trade and Cooperation Agreement (TCA)

The TCA is a comprehensive trade agreement between the UK and the EU, which covers a range of issues such as trade in goods and services, investment, energy, transport, fisheries, and more. The agreement ensures that there will be no tariffs or quotas on traded goods, providing a level of certainty for businesses on both sides of the channel.

Under the TCA, UK businesses also retain access to the EU`s single market, with the exception of financial services. The agreement does include provisions for cooperation on financial services regulation, though the final outcome of these negotiations remains to be seen.

Fisheries

One of the most contentious issues in the negotiations was fisheries, with the EU seeking to maintain access to UK waters. The TCA provides for a five-and-a-half-year transition period during which EU boats will continue to have access to UK waters, followed by annual negotiations on quotas and access.

Northern Ireland

Northern Ireland was also a critical issue in the negotiations, with the UK and EU reaching a separate agreement known as the Northern Ireland Protocol. The protocol ensures that there will be no hard border between Northern Ireland and the Republic of Ireland, but it also means that there will be some checks on goods moving between Northern Ireland and the rest of the UK.

What`s Next?

The TCA is a significant achievement for both the UK and the EU, providing a degree of certainty for businesses and avoiding a potentially damaging no-deal scenario. However, there is still much work to be done in terms of implementing the agreement and negotiating the finer details of areas such as financial services and fisheries.

Overall, the Brexit trade deal agreements are a positive step forward for both the UK and the EU, providing a foundation for future cooperation and trade. Only time will tell how successful these agreements will be, but for now, businesses on both sides of the channel can breathe a sigh of relief.