UK, EU reach historic Brexit trade deal
“We have taken back control of our money, borders, laws, trade and our fishing waters”
The United Kingdom (UK) and European Union (EU) have reached a post-Brexit trade agreement after months of fraught negotiations, the British government said in a statement Thursday.
The breakthrough averts a much-feared "no-deal" scenario that would have sparked economic chaos and risked major disruption to the flow of goods and medicines, reports the CNN.
"Deal is done," read a statement from Downing Street.
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"We have taken back control of our money, borders, laws, trade and our fishing waters. The deal is fantastic news for families and businesses in every part of the UK. We have signed the first free trade agreement based on zero tariffs and zero quotas that has ever been achieved with the EU," the statement from Downing Street further read.
"Everything that the British public was promised during the 2016 referendum and in the general election last year is delivered by this deal."
Talks had been deadlocked for months after the two sides were unable to reach agreement in areas such as fishing quotas, how the UK would use state aid to support British businesses post-Brexit, and legal oversight of any deal struck.
It is unlikely that the deal will be formally ratified before the Brexit transition ends, given that it still needs to go through a series of legal hoops.
EU leaders, the European parliament, and the UK government will all need to now approve the agreement on their own.
The legal text of the agreement will first be translated, reviewed and approved by all 27 EU member states. Once all member states give their sign off, it will then go back to the European Parliament, where Members of European Parliament (MEPs) will vote to ratify the deal. But the European Parliament has said that it is too late to hold an emergency voting session before the transition period ends on 31 December.
"We have delivered this great deal for the entire United Kingdom in record time, and under extremely challenging conditions, which protects the integrity of our internal market and Northern Ireland's place within it," the source said.
The deal guarantees Britain is no longer in the lunar pull of the EU and will not be bound by EU rules.
Trade worth 668 billion pounds ($909 billion) in 2019 is covered by the deal, a UK source said.
UK PM Boris Johnson tweeted: "The deal is done."
European Commission President Ursula von der Leyen and EU chief negotiator Michel Barnier held a press conference following the deal announcmeent.
Firstly, competition in the single market will remain fair, she said, adding that the EU rules and standards will be respected.
"We have effective tools to react if fair competition is distorted and impacts our trade", she added.
"We will continue operating with the UK in all areas of mutual interest such as climate change, energy, transport.
She added that the EU secured 5.5 years of full predictability for our fishing communities.
This whole debate has always been about sovereignty," Ursula von der Leyen said.
"To seamlessly work, travel study and do business in 27 countries, pooling our strength and speaking together, and in a time of crisis, it's about pulling each other up instead of trying to get back to your feet alone, she continued.
EU chief negotiator, Michel Barnier said: "The clock is no longer ticking."
Barnier paid tribute to all the politicians, citizens and even us journalists for the part they played in negotiations.
He then added: "Today is a day of relief, but tinged by some sadness as we compare what came before with what lies ahead."
Michel Barnier says the deal will now be put to the European Council, bringing together the 27 governments of the bloc, and the European Parliament.
The "short time span" of negotiating the deal has been "unprecedented in terms of its scope and complexity," he remarked, adding that the the EU has shown "unity and solidarity", which has been its strength.
"It has been a great honour for me to be part of this European unity," he concluded.
