The UK Parliament officially gave its nod of approval to the Brexit trade deal with the EU on December 31, 2020, representing a significant milestone in the long and arduous process of disentangling from the European Union. After more than four years of intense negotiations, the agreement secured the preservation of nearly $1 trillion in annual trade between the UK and the EU.
Viewed as a momentous occasion by both parties, the trade deal signals a fresh start in their bilateral relations, which have evolved since the aftermath of World War Two. Despite Britain’s history of skepticism towards deeper integration with the EU, Prime Minister Boris Johnson expressed his eagerness to collaborate closely with the EU on shared interests while leveraging the newfound autonomy to redefine the British economy.
The resounding approval of the trade deal by a large majority in the British Parliament, with a vote of 521 to 73 in favor, was crucial in averting the potentially disastrous scenario of a no-deal Brexit. Critics of the agreement have raised concerns about its perceived shortcomings in protecting service trade, addressing fishing industry issues, and clarifying Northern Ireland’s status. Nonetheless, Johnson’s ability to garner backing from staunch Brexit supporters within his party fulfills a commitment made following the referendum in 2016.
Formally signed by officials from both the UK and the EU on December 24, the trade deal guarantees the continuation of tariff-free access for the UK to the EU’s vast market of 450 million consumers. Against the backdrop of British flags, Johnson ceremoniously sealed the agreement as a British Royal Air Force aircraft delivered the documents in a symbolic blue leather folder adorned with the EU’s signature golden stars. With an effective date of January 1, the agreement will regulate various facets of trade, transportation, energy, and fishing activities between the UK and the EU.
Looking towards the future, both parties are aiming to finalize the agreement by the end of February, contingent on approval from the European Parliament to formalize it as a permanent accord. As the UK nears the completion of its Brexit journey, the focus now shifts towards constructing a solid framework for the future relationship between the UK and the EU.
For more information on the UK-EU trade deal, visit BBC and The Guardian.
