UK, EU finalise post-Brexit trade deal, just days before Dec 31 deadline

at 11:08 pm
UK, EU finalise post-Brexit trade deal, just days before Dec 31 deadline

New Delhi (NVI): In a major breakthrough, the European Union and the UK reached a post-Brexit trade deal, reports in foreign media said. The agreement will complete Britain’s separation from the EU bloc and is expected to reduce the economic impact of UK’s departure.

“The deal is done,” UK Prime Minister tweeted after the pact.

“It was worth fighting for this deal. We now have a fair & balanced agreement with the UK. It will protect our EU interests, ensure fair competition & provide predictability for our fishing communities. Europe is now moving on. the president of the European Commission,” Ursula von der Leyen said.

Former British prime ministers Theresa May and David Cameron also welcomed the deal. “Very welcome news that the UK and EU have reached agreement on the terms of a deal – one that provides confidence to business and helps keep trade flowing,” May tweeted. “Looking forward to seeing the detail in the coming days,” she added.

Earlier, British PM Boris Johnson had set the deadline for the trade agreement with the European Union on October 15. He had warned that he could walk away from the negotiations if a deal is not reached by that date. Discussions on the deal, however, resumed a week later.

Britain formally exited the EU on January 31. The country had to reach a trade deal with the bloc by the end of its transition period on December 31 or face tariffs and economic hurdles in 2021. The negotiations between the two sides had primarily been delayed due to disagreements over fair competition rules and fishing rights.