The EU and the UK have come to an agreement in principle in their post-Brexit relationship negotiations. The deal, which was announced on December 24th, 2020, lays out the rules for trade, travel, and security between the two entities starting from January 1st, 2021.
One of the main components of the agreement is the establishment of tariff-free and quota-free trade between the UK and the EU. This means that goods can be traded between the two entities without the imposition of tariffs or quotas, which would have made them more expensive for consumers.
The agreement also includes provisions for the services sector, which makes up a large part of the UK`s economy. UK-based businesses will continue to have access to the EU market for services, but there will be some restrictions and new administrative procedures to follow.
Another important aspect of the agreement is the cooperation on security and law enforcement. The UK will continue to participate in some EU databases, such as the Schengen Information System and the European Criminal Records Information System, which will allow for better collaboration in the fight against crime and terrorism.
In terms of travel, UK citizens will be able to visit EU countries for up to 90 days without a visa. However, there will be new rules for UK nationals working or studying in the EU, and vice versa.
While the agreement is a significant step forward in the UK`s relationship with the EU, there are still some unresolved issues. For example, the agreement does not cover financial services, which is a crucial part of the UK`s economy. Negotiations on this front are expected to continue in the coming months.
Overall, the EU-UK agreement in principle provides a framework for the future relationship between the two entities. It is an important milestone but there is still much work to be done to iron out the details and ensure a smooth transition.