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Brexit: EU, UK finally clinch ‘historic’ trade deal

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*Brexit: EU, UK finally clinch ‘historic’ trade deal

*This report fragement is from the German News Service Deutsche Welle

 

The EU’s parting from the UK was “such sweet sorrow,” said Ursula von der Leyen, using a Shakespeare quote in an emotional speech.

The United Kingdom and the European Union have agreed to a post-Brexit free trade deal, sealing the UK’s exit from the bloc, the UK government and EU announced on Thursday.

EU Commission chief Ursula von der Leyen said at a press conference on Thursday that: “It was a long and winding road, but we have a good deal to show for it.”

The UK Prime Minister Boris Johnson tweeted an image of himself in front of a British flag with his thumbs up. The picture was accompanied by the text: “The deal is done.”

The deal is “the biggest bilateral trade deal signed by either side, covering trade worth €747 billion (£668 billion, $909 billion) in 2019,” according to a British source.

The deal concludes talks on future terms of trade and competition that took place during the 11-month transition period that began when Britain formally left the EU on January 31.

By reaching a deal, the EU and UK have avoided resorting to potentially damaging World Trade Organization trading terms.

What do we know about the deal?

The text of the deal, said to be some 2,000 pages long, has yet to be released. However, leaders referred to various aspects of the deal in Thursday’s press conference.

Britain claimed the deal protected its goals of regaining control of its money, borders, laws and fishing waters. Following the end of the transition period, the UK will no longer be under the jurisdiction of the European Court of Justice.

Von der Leyen said it protects the EU’s single market and contains safeguards to ensure Britain does not unfairly undercut the bloc’s standards.

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