The European Union and United Kingdom have reached a historic agreement on how to co-exist in the post-Brexit era following the UK’s decision to leave the 27-member economic block in a June 2016 referendum.
British Prime Minister Boris Johnson announced the agreement at his office at plot 10 Downing Street on Christmas, just a week before the two parties were supposed to reintroduce tariffs on each other’s goods and services on January 1, 2021.
The UK is set to exit EU trading rules next Thursday – a year after officially leaving the 27 nation bloc.
The UK’s success in securing a free trade agreement – characterized with zero tariffs and quarter free access to the larger EU market has been hailed as a great achievement for the Conservative government of Prime Minister Johnson.
Boris Johnson said: “We have taken back control of our laws and our destiny.”
His European Counterpart, Ursula von der Leyen, the European Commission President, said: “This was a long and winding road but we have got a good deal to show for it.”
The BBC reports that the although the finer details of the deal are set to be revealed, securing Free trade represents a major breakthrough.
The UK has however reportedly made major concessions by allowing European fishermen to continue to access UK’s fishing grounds.
The deal also reportedly ends the era of free movement of persons between the two separate regions