Thus, the agreement provides for free trade at zero tariffs and quotas. In addition, it spells out conditions for other areas: investment, competition, tax transparency, air and road transport, energy, fisheries and data protection.
With regard to transport, the agreement provides for permanent and sustainable air, road, rail and sea links. It contains provisions to guarantee fair competition between EU and UK operators.
Also, both sides pledged to support environmental protection and the fight against climate change, and reduce carbon emissions.
The agreement does not apply to foreign policy, external security and defense cooperation, as the UK did not want to negotiate on this issue.
It is noted that the EU countries must unanimously vote for the adoption of the agreement, after which it will be officially signed. This should happen before January 1, 2021.
The UK officially left the EU on January 31, 2020, but the leaders of the countries needed time to subsequently agree on a new deal. The position of Brussels was that the UK should not receive advantages over the EU countries - that is, it cannot simultaneously maintain free access to the internal market of the European Union and at the same time not obey European regulatory bodies. The transitional period (Brexit), during which the British have access to the EU common market, ends on December 31.
On December 24 this year, the UK and the European Union agreed on a trade agreement following the UK's exit from the EU (Brexit).