Uk Eu Trade Agreement December 2020

The United Kingdom (UK) and the European Union (EU) have finally agreed on a trade deal, just a week before the transition period ended last December 31, 2020. After months of tense negotiations, the two sides have come to terms on a post-Brexit trade agreement that will govern the relationship between the UK and the EU going forward.

The agreement, which was announced on Christmas Eve, covers a wide range of issues, including trade in goods and services, fishing rights, and the movement of people between the UK and EU member states. The deal is designed to reduce trade barriers and ensure a level playing field for businesses on both sides of the English Channel.

One of the key points of the agreement is that there will be no tariffs or quotas on goods traded between the UK and the EU. This is crucial for businesses that rely on trade between the two sides, as it ensures that they can continue to operate without facing significant additional costs or administrative burdens.

Another important aspect of the agreement is that it provides for a level playing field for businesses in the UK and the EU. This means that there will be rules in place to prevent companies in either jurisdiction from gaining an unfair advantage over those in the other. For example, there will be controls on state aid, which will prevent the UK from subsidizing its businesses in a way that gives them an unfair advantage over their EU counterparts.

While the trade deal is a major achievement, there are still issues that need to be addressed. For example, the agreement only covers goods and services, not the movement of people between the UK and the EU. This means that there will be new rules and restrictions in place for people traveling between the two sides, including the need for visas and work permits.

In conclusion, the UK-EU trade agreement that was reached last December 2020 is a significant milestone in the relationship between the two sides. It provides much-needed clarity and stability for businesses on both sides of the English Channel, and helps to ensure that trade can continue to flow freely between the UK and the EU. However, there are still issues to be resolved, and both sides will need to remain vigilant to ensure that the agreement is implemented in a way that benefits everyone involved.