'Fair and balanced agreement': EU officials formally sign post-Brexit trade deal with UK

The top European Union (EU) officials on December 30 have formally signed the post-Brexit trade agreement with the UK. The European Commission president Ursula von der Leyen and European Council president Charles Michel put pen to paper on Wednesday morning (local time) in a brief signature ceremony held in Brussels. 

On the signing of the deal, Charles Michel, President of the European Council said, “The agreement that we signed today is the result of months of intense negotiations in which the European Union has displayed an unprecedented level of unity. It is a fair and balanced agreement that fully protects the fundamental interests of the European Union and creates stability and predictability for citizens and companies.”

These documents are now set to be flown to London reportedly in an RAF plane for the British Prime Minister Boris Johnson to sign before being provisionally applied as of January 1, 2021. Even though the presidents of the European Commission and European Council have signed the agreement, it will now be examined by the EU Parliament and the Council before being ratified by the EU.

EU said in a statement, “In this context, it is of the utmost importance for the European Union and the United Kingdom to look forward, in view of opening a new chapter in their relations.”

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What Is Included In UK-EU Trade Agreement?

As per the summary published on the UK government website of the UK-EU Trade and Cooperation Agreement’s summary, both sides have agreed to “unprecedented 100% tariff liberalisation”. This means that all tariffs have been scrapped along with quotas on the movement of goods produced by Britain and the union. This is also the “first time” that the 27-nation-bloc has agreed to a ‘zero tariff zero quota deal’ with any other trading partner, starting from January 1, 2021.

The Brexit deal also includes the provisions to support the trade in services providing UK with service suppliers with legal guarantees that will not face any disruptions to trade while selling into the union along with supporting British professionals who will continue their business across Europe.

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