The parties have agreed that they will maintain free duty-free trade between Britain and the EU.
Britain and the European Union have agreed a trade deal after the end of the Brexit transition period, the BBC reports.
The agreement covers fisheries, energy, trade, transport links, security cooperation and other areas.
The agreement has yet to be discussed and preliminarily approved. After that, it is likely to be approved by the European Council and the UK parliament.
The document will come into force on New Year’s Eve, at which time the UK will finally leave the EU.
What exactly is specified in the agreement is not yet known, as no one has seen the text yet. And the negotiators, did not give any comments.
It should be recalled that earlier the deal had been contested by both sides for a year to no avail. And today they have finally agreed on the text.
BBC reports that during recent weeks British Prime Minister Boris Johnson and the President of the European Commission Ursula von der Leyen have been negotiating over the details they could not agree on.
The main point of contention has been the EU’s requirement for the UK to take account of and use EU rules in cases involving state subsidies, health and safety, technological and environmental requirements for production, etc. It was also a point of contention to maintain access to British waters for EU fishermen.
Eventually, the parties agreed to sign a deal, but the EU’s first requirement was waived. But they agreed to the “reactive mechanism” rule. This gives both sides the right to charge duties in specific sectors if their partner tries to seriously ease the life of firms by subsidies, incentives or reduction of working and production conditions.
On fisheries, the issue has not been resolved, but Britain has allowed EU fishermen to fish in its territory for a year.