BREXIT: “EU-UK Trade and Cooperation Agreement”


Saturday morning, the European Union and the United Kingdom made public the agreement that is set to govern future trade and cooperation between them beginning on 1 January setting the 27-nation bloc’s relations with its former member/neighbor on a new and distant relationship.

EU ambassadors and lawmakers on both sides of the Channel will now analyze the “EU-UK Trade and Cooperation Agreement,

EU envoys are expected to meet Monday to discuss the document.

Businesses will also be working to understand its implications.

The deal as it stands ensures that Britain can continue to trade in goods with the world’s biggest trading bloc without tariffs or quotas after the UK breaks fully free of the EU. It ceased to be an official member on 31 January 2020.

But, other barriers will be raised, as the UK loses the kind of access to a huge market that membership guarantees. Range from access to fishing waters to energy markets, and include everyday ties to citizens such as travel arrangements and education exchanges.

EU member countries are expected to endorse the agreement next wk. British legislators could vote on it Wednesday. If they do approve it, the text would only enter force provisionally New Year’s Day as the European Parliament must also vote.

EU lawmakers will debate and vote on the document in January and February, if the approval process runs smoothly.

There are unanswered questions in many areas, including security cooperation with the UK set to lose access to real-time information in some EU law enforcement databases and access to the EU market for Britain’s huge financial sector services.

Stay tuned…

Have a healthy Holiday weekend, Keep the Faith!