Parliament Formally Approves Eu-Uk Trade and Cooperation Agreement
On December 30, 2020, the British Parliament formally approved the EU-UK Trade and Cooperation Agreement, which sets out the new trading relationship between the UK and the European Union after Brexit. The agreement was signed on December 24, 2020, after months of intense negotiations. The agreement was ratified by the European Parliament on April 27, 2021, clearing the final hurdle.
The agreement is a comprehensive trade deal that provides for zero tariffs and zero quotas on goods traded between the UK and the EU. It also contains provisions on fisheries, transport, energy, security, and other areas of cooperation. The agreement is seen as a major victory for both sides, as it provides for a smooth and orderly transition to a new trading relationship after Brexit.
The UK`s decision to leave the EU has been a major challenge for both sides. The EU is the UK`s largest trading partner, and the two sides have a deeply interconnected economy. The negotiations were complicated by the need to balance the UK`s desire for independence from EU regulations with the EU`s need to protect its internal market.
The approval of the EU-UK Trade and Cooperation Agreement is a significant milestone in the UK`s post-Brexit journey. The agreement provides certainty and stability to businesses on both sides of the Channel, and it is expected to boost trade and investment between the UK and the EU. The agreement also sets the stage for future negotiations on other areas of cooperation, such as security and foreign policy.
The ratification of the agreement by the European Parliament is a welcome development, as it puts to rest any doubts about the legal validity of the agreement. The approval process was delayed due to concerns about the UK`s implementation of the Northern Ireland Protocol, which is part of the Brexit Withdrawal Agreement. However, these concerns were ultimately resolved, and the agreement was approved by a large majority.
In conclusion, the approval of the EU-UK Trade and Cooperation Agreement is a positive development for both sides. The agreement provides for a stable and predictable trading relationship that will benefit businesses and consumers on both sides of the Channel. It is a testament to the hard work and dedication of the negotiators on both sides, and it sets the stage for a new era of cooperation between the UK and the EU.
