The much-anticipated Brexit deal was finally reached on December 24, 2020, after months of negotiations between the UK and the European Union. This deal marked the end of the transition period, which lasted from the time of the UK`s departure from the EU in January 2020 until the end of 2020. The agreement affects many aspects of the UK`s relationship with the EU, including trade, travel, and immigration. Here`s what you need to know about the EU-UK withdrawal agreement and the global treaty (re-)negotiations that follow.

What is the EU-UK withdrawal agreement?

The EU-UK withdrawal agreement is a legal document that outlines the terms of the UK`s departure from the European Union. It was first negotiated and agreed to in October 2019 but required ratification by both parties before it could come into effect. The agreement covers a range of issues, including citizens` rights, the Irish border, and the UK`s financial obligations to the EU. It also sets out a transitional period, during which the UK continued to follow EU rules and regulations until the end of 2020.

How does the withdrawal agreement affect trade?

The EU-UK withdrawal agreement includes provisions to minimize the impact of Brexit on trade between the UK and the EU. The agreement establishes a free trade area between the two parties, which means that goods traded between the UK and the EU will not be subject to tariffs or quotas. However, the UK has left the EU`s single market and customs union, which means that customs formalities and checks are now required for goods moving between the two markets. This has led to some disruption at UK ports and borders, as businesses adjust to the new requirements.

What about travel and immigration?

The withdrawal agreement also includes provisions on travel and immigration, ensuring that UK and EU citizens can continue to travel to each other`s countries without the need for a visa. However, UK citizens are no longer allowed to live and work freely in the EU, and vice versa. Instead, they now have to apply for work visas and residency permits under the new post-Brexit immigration system.

What happens next?

While the EU-UK withdrawal agreement settles some aspects of the UK`s relationship with the EU, there are still many issues to be resolved. One of the most pressing is the need to negotiate a new trade deal between the UK and the US. The UK government has said that post-Brexit trade deals with the US and other nations will be a priority, and negotiations are ongoing.

The UK`s departure from the EU also presents an opportunity for the country to negotiate its own trade deals with other nations. The government has already started negotiating post-Brexit trade deals with Japan, Australia, and New Zealand. However, these negotiations are still ongoing, and it is unclear when they will be finalized.

In conclusion, the EU-UK withdrawal agreement marks a significant milestone in the UK`s departure from the European Union. While it provides some certainty for businesses and citizens, there are still many issues to be resolved, particularly as the UK seeks to negotiate new trade deals around the world. As negotiations continue, it will be important for businesses to stay up to date with any changes that may affect their operations.