The United Kingdom (UK) has clinched a Brexit trade deal
with the European Union (EU) on Thursday —
seven days before it exits one of the world’s biggest trading blocs.
The UK ceased to be a full member of the EU in January,
following the Brexit vote on June 23, 2016.
It, however, agreed to continue with European rules until
the end of 2020 so it could negotiate friendlier trading conditions with the
other 27 nations.
The new deal will almost certainly mean lower tariffs and
costs for exporters than they would have faced if the UK had left the EU without
an agreement.
Ursula von der Leyen, President of the EU Commission, said
it was a “good deal.”
“It has been a long and winding road but we have got a good
deal to show for it.”
“It is fair, it is a balanced deal and it is the right and
responsible thing to do for both sides.”
The two sides had been embroiled in intense talks since
March to establish how commerce will work from January onward. There were
significant clashes over fishing, competition rules and the governance of their
new relationship.
The trade agreement has to be ratified by the UK and EU
parliaments in the coming weeks, but it’s a welcome development by businesses
on both sides.
This puts an end to more than four years of what has at
times seemed interminable economic uncertainty, and it marks the first time a
member of the EU has formally withdrawn from the political bloc.
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