The Brexit Deal is agreed..
Now let everyone enjoy Christmas…
Boris Johnson has said “From January 1 we are outside the customs union and outside the single market.”
“British laws will be made solely by the British Parliament interpreted by British judges sitting in UK courts and the jurisdiction of the European Court of Justice will come to an end.
News reports state that Britain will finally walk away from the EU with a zero-tariff, zero-quota free-trade agreement at the start of 2021.
Britain will also take back full control of its coastal waters in 2026, allowing the EU a transition period.
The EU had asked for a 15% reduction, while the UK wanted 35% during a transition. A deal was negotiated at 25%.
Some reports say this was a backdown by Britain, some say it was a backdown by the EU. I feel it was an expected negotiation. They both met in the middle.
But the UK gets full control back in 6 years time.
The main benefit with this deal is:
- No taxes (tariffs) on each other’s goods when they cross borders.
- No limits (quotas) on the goods that can be traded.
Why did this deal take so long?
EU trade deals often take many years, because so many countries have to agree on just one side, the EU.
When just 2 countries are involved it can be done quickly.
The EU is made up of 27 European countries, each country has to agree independently.
That can, and does take time.
An example of the EU-Japan trade deal.
＜Chronology＞
March, 2013 : determining the
launch of the negotiation
July, 2017 : an agreement
in principle
December, 2017: finalisation of
the negotiations
July, 2018 : Signing
December, 2018: notification of
completion of respective
applicable legal requirements
and procedures
February, 2019: entry into force.
Six years from start to finish.
The UK also has over 30 non EU trade deals in place to start on 1 January 2021.
The UK was not permitted to start negotiating until a year ago.
BBC articles at:
https://www.bbc.com/news/uk-politics-32810887
https://www.bbc.com/news/uk-47213842
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