The UK and the European Union (EU) finally reached an agreement in post-Brexit trade negotiations after months of negotiations to keep Britain out of the bloc with an agreement.
"An agreement has been reached", according to a statement from Downing Street UK on Thursday last week, followed by confirmation from Brussels.
UK Prime Minister Boris Johnson, who spoke shortly after the announcement, said the agreement reached was a good deal for the whole of Europe.
The UK has successfully secured its long-awaited ‘Canadian-style agreement’, zero tariffs and quotas, which will help launch trade across the channel.
This will provide relief for exporters on both sides who have faced higher tariffs and incur costs following unreachable agreements.
Nevertheless, trade agreements still need to be ratified by the EU and UK parliaments. PM Johnson has confirmed that the UK Parliament will vote on a trade agreement reached on 30 December.
Meanwhile, the EU Parliament will reportedly analyze the agreement in detail before deciding whether to agree to it in the new year.
