After years of negotiations, the European Union (EU) and United Kingdom (UK) have finally reached a trade and cooperation agreement. The deal, signed on December 24, 2020, lays out the terms for trade between the two entities after the UK`s departure from the EU earlier that year.
The full text of the agreement, officially known as the Trade and Cooperation Agreement (TCA), can be found on EUR-Lex, the online database of EU law. The TCA covers a wide range of areas, including trade in goods and services, fisheries, and legal cooperation.
One of the key aspects of the TCA is the tariff-free and quota-free trade of goods between the EU and UK. This means that most goods can be traded between the two parties without facing tariffs or other trade barriers. However, there are some exceptions, such as for certain agricultural products and certain goods that are subject to regulatory checks.
The TCA also includes provisions for services, such as financial services, telecommunications, and transport. These provisions aim to maintain market access and ensure a level playing field for service providers from both the EU and UK.
In addition, the TCA addresses the contentious issue of fishing rights. The agreement sets out new fishing quotas and arrangements for EU and UK fishermen in each other`s waters. The TCA also includes a mechanism for regular review and adjustment of these arrangements.
Another important aspect of the TCA is its provisions for legal cooperation. The agreement establishes a framework for cooperation on criminal and civil matters, including extradition and data protection. This cooperation is crucial for ensuring the safety and security of citizens in both the EU and UK.
Overall, the TCA represents a significant achievement in the EU-UK relationship after years of uncertainty and negotiation. While the agreement is not perfect and there are still some outstanding issues to be resolved, it provides a solid foundation for future cooperation and trade between the EU and UK.
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