On December 24, 2020, the European Commission and the Government of United Kingdom reached an agreement on the terms of its future cooperation.
According to a press release issued by the European Commission, the three main pillars of this agreement are:
- A free trade agreement with zero tariffs and zero quotas on all goods that comply with the appropriate rules of origin;
- A new partnership to ensure security for citizens; and,
- An agreement on governance to ensure how the agreement will be operated and controlled.
“The entry into application of the Trade and Cooperation Agreement is a matter of special urgency”, and per the press release, “the [European] Commission proposes to apply the Agreement on a provisional basis, for a limited period of time until 28 February 2021.”
EU Press Release:
EU overview of consequences and benefits of the new relationship between EU & UK: https://ec.europa.eu/info/sites/info/files/eu-uk_trade_and_cooperation_agreement-a_new_relationship_with_big_changes-overview_of_consequences_and_benefits.pdf
Q & A: EU- UK Trade and Cooperation Agreement
UK Government press release: