The Brexit agreement of December 2020 was a major development in the UK`s withdrawal from the European Union. This agreement, formally known as the UK-EU Trade and Cooperation Agreement, set out the terms of the future relationship between the two entities and marked the end of a long and often tumultuous negotiation process.
The agreement covers a wide range of areas, from trade and competition to fisheries and security. One of its key provisions is the establishment of a free trade zone between the UK and the EU, which will allow for tariff-free trade in goods and services. This will help to ensure that businesses on both sides can continue to operate and trade effectively.
The agreement also sets out provisions for cooperation on environmental protection, labor rights, and the fight against climate change. It provides for continued access to the EU`s Horizon Europe research program and its Erasmus+ student exchange program, although the UK will no longer be a full member of these initiatives.
However, the agreement is not without its shortcomings. It does not provide for complete regulatory alignment between the UK and the EU, which may lead to some friction in the future. It also does not include provisions for mutual recognition of professional qualifications, which could make it more difficult for UK citizens to work in EU countries and vice versa.
Additionally, the agreement does not cover financial services in depth, which could have significant implications for the City of London and the wider UK economy. The UK and the EU have agreed to continue discussions on this issue in the future, but it remains to be seen how these negotiations will progress.
Overall, the Brexit agreement of December 2020 represents a significant milestone in the UK`s relationship with the EU. While it is not a perfect solution, it provides a foundation for future cooperation and trade between the two entities. As the UK and the EU move forward, it will be important to continue to work together to address any challenges that arise and to build on the foundations laid by this agreement.