The UK and EU Agreement Document: A Comprehensive Guide
On December 24, 2020, the UK and EU finally reached an agreement on their future relationship after many months of negotiations. This agreement, which was announced just days before the end of the transition period on December 31, ended years of uncertainty and marked the start of a new era for both parties.
The UK and EU agreement document is a complex, 1,246-page text that covers a range of issues, from trade and fishing to security and transport. In this article, we will provide a comprehensive guide to the agreement, outlining its main provisions and what they mean for the UK and EU.
Trade
One of the key aspects of the agreement is its provisions on trade. The UK and EU have agreed to a tariff-free and quota-free trade deal, which means that goods can be traded between the two parties without any additional taxes or restrictions. However, the deal does not cover all sectors, and there are still some areas where tariffs and quotas will apply.
For example, the UK and EU have agreed on a new fishing agreement, which sets out quotas for the amount of fish that can be caught in UK waters by EU fishing fleets. This has been a contentious issue throughout the negotiations, with the UK wanting to take back control of its waters and the EU wanting to maintain access to them.
Services
The UK and EU agreement also covers services, which account for around 80% of the UK economy. Under the agreement, UK firms will continue to have access to the EU market, but this access will be more limited than it was when the UK was a member of the EU.
For example, UK financial services providers will no longer have passporting rights, which allowed them to provide services across the EU without needing to set up a presence in each member state. Instead, they will have to rely on equivalence arrangements, which allow them to access the EU market if their regulatory standards are deemed to be equivalent to those in the EU.
Transport
The agreement also covers transport, which is an important sector for both parties. Under the agreement, UK and EU airlines will continue to have access to each other`s markets, and hauliers will be able to continue to transport goods across borders without the need for permits.
However, there are still some issues to be resolved in this area. For example, the agreement does not cover cabotage rights, which allow hauliers to transport goods within a foreign country. This means that UK hauliers will not be able to transport goods between EU member states, which could have an impact on their ability to compete with EU hauliers.
Conclusion
The UK and EU agreement document is a complex and wide-ranging text that covers many different areas. While it provides a degree of certainty for businesses and individuals in both the UK and EU, it is not a perfect agreement, and there are still some areas where further negotiations will be needed.
Overall, the agreement represents an important milestone in the UK`s relationship with the EU, marking the end of a long and difficult negotiation process. However, it is important to remember that the real work of implementing the agreement is still to come, and both parties will need to work together to ensure that it is successful.