UK Signs Brexit Agreement From European Union Before Deadline | World news

London/Brussel: The UK signed a narrow Brexit trade agreement with the European Union last Thursday. This is the most significant global change since the loss of the empire, just seven days before leaving one of the world’s largest trading blocks.

More than four years after Britain voted to leave the block for a meager margin, the deal provides a way out of the chaotic finale of divorce that shook the 70-year project to build the European Union in the ruins of World War II. Do it. .

This will keep the UK’s zero tariff and zero quota access to a single market of 450 million people in the UK, but it will not prevent economic distress and confusion for the UK or EU member states.

Many aspects of the future relations between the UK and the EU will probably disintegrate over the years.

British Prime Minister Boris Johnson said on Twitter that after posting a picture of himself raising his arms in a gesture of victory raising his thumb, “we have taken our destiny back”.

“People said it was impossible, but we took control.”

The UK officially left the EU on January 31, but there was a transitional period in which the rules for trade, travel and business have not changed until the end of this year.

Johnson, the face of the Brexit Chin campaign, said he did not want to accept the rules of a single market or customs union after January 1 because 52% decided to leave the EU.

Since the EU did not want to give the free and deregulated UK economy unrestricted privileges to the free and unregulated UK economy, it has potentially encouraged others to leave, resulting in endemic negotiations.

“It was a long and winding road,” said Ursula von der Leyen, president of the European Commission, citing Paul McCartney’s song to reporters. “But we have a good deal to show it off. Finally, we can leave Brexit and look into the future. Europe is moving now.”

‘Jumbo’ deal

Johnson described the last minute agreement as a “jumbo” free trade agreement signed between the European Union and Canada and urged the UK to break free from the splits caused by the 2016 Brexit referendum.

The deal will also support peace in Northern Ireland. This is a priority for U.S. president-elect Joe Biden, who warned Johnson that he should support the 1998 Good Friday agreement.

Ireland, an EU member, said the deal, which said the commission’s website would be released sooner or later, not only protects its interests, but may have expected it.

However, there are still many details left to be addressed.

The trade agreement will not cover services that make up 80% of the UK economy. This includes the banking industry, which designates London as the only financial capital that can compete with New York.

Access to EU markets for UK-based banks, insurance companies and asset managers will be choppy at best.

Johnson said the deal didn’t include as much as desired of regulatory equivalence for financial services, but it still contained “a good wording.”

JPMorgan said that while the EU has secured a deal that allows it to retain almost any advantage in trade with the UK, the UK has gained the ability to use regulations for “choose cherries” among sectors that have benefits such as services.

French President Emanuel Mark Long said, “European unity and strength have come to fruition.” “Agreement with the UK is essential to protecting our citizens, fishermen and producers. We will be sure this is true.”

Brexit activist Nigel Farage said the deal would put the UK too tightly linked with the EU, adding that he hopes this will begin the end of the block.

Even if you trade, commodity trading will have more rules, more bureaucracy and costs. There will be some interruptions at the port. Everything from food safety regulations and export regulations to product certifications will change.

Investors switch to the details

US State Department officials welcome the agreement and said Washington wants good relations with the UK and the EU.

An official said, “As we said, we respect the UK’s decision to withdraw from the EU and look forward to a lasting strong relationship between the UK and the EU.”

When the UK shocked the world with the EU withdrawal vote, it was hoping that many people in Europe could work closely together. “Parting is a sweet sorrow,” said von der Raien, who quoted Shakespeare.

The EU has lost key military and intelligence power, which is 15% of GDP, one of the world’s two largest financial capitals and advocates of free markets, which served as an important check against German and French ambitions.

Without the collective power of the EU, Britain would stand largely alone when negotiating with China, Russia and India, and would be much more dependent on the United States. It will have more autonomy, but poorer, at least in the short term.

Sterling climbed only 0.3% to 1630 GMT that day, and was previously up to $1.3618. As investors take a look at the details, it was only a 2 1/2 year high last week on trading news.

The Bank of England predicted that even with trade negotiations, the UK’s gross domestic product would hit 1% in the first quarter of 2021 from Brexit. UK budget forecasters said the economy will be in fourth place. It’s been 15 years less than when the UK stayed on the bloc.

British companies affected by the world’s worst coronavirus have been discouraged.

“After four years of uncertainty and upheaval, and days before the turnaround, companies will be able to convene a little more than the quiet and weary cheers,” said Adam Marshall, director of the British Chambers of Commerce.

The UK, which imports about $107 billion a year from the EU, debated until it ended up with fish issues, but is worth less than 0.1% of its GDP.

Tony Danker, director of the Confederation of British Industry, said the time is now very short.

“Because the day is coming out too late, it is important for both sides to keep trade immediately and keep the service flowing.”

Transactions governing post-Brexit trade require approval from both the European Parliament and the 27 member states of the EU. Ambassadors from EU countries meet on December 25th to begin reviewing the transaction. The European Parliament said on Thursday it would analyze the deal in detail before deciding whether to approve the agreement for the new year.

The British Parliament, split into Brexit, will debate and vote on negotiations on December 30, the day before the end of the transition period.

British companies affected by the world’s worst coronavirus have been discouraged.

Adam Marshall, Secretary General of the British Chambers of Commerce, said, “After four years of uncertainty and upheaval, and even days before the end of the transition, businesses will be able to receive a quiet and tiring cheer.”

The UK, which imports about $107 billion a year from the EU, debated until it ended up with fish issues, but is worth less than 0.1% of its GDP.

Tony Danker, director of the Confederation of British Industry, said the time is now very short.

“Because the day is coming out too late, it is important for both sides to keep trade immediately and keep the service flowing.”

Transactions governing post-Brexit trade require approval from both the European Parliament and the 27 member states of the EU. Ambassadors from EU countries meet on December 25th to begin reviewing the transaction. The European Parliament said on Thursday it would analyze the deal in detail before deciding whether to approve the agreement for the new year.

The British Parliament, split into Brexit, will debate and vote on the negotiations on December 30, the day before the end of the transition period.

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