On Thursday, Britain got a narrow Brexit trade deal with the European Union (EU). This deal comes just a week before exiting one of the world’s biggest trading bloc.
This deal has been finalized, more than four years after Britain voted by a slim margin to leave the bloc. Many people are of the view that this deal will pave out a new way for both sides. It will also be helpful for businesses in the UK which have been impacted severely by COVID-19.
This deal will not put a stop to the economic pain that UK and EU member state are going through but will surely help Britain to preserve its zero-quota and zero-tariff access to the single market which has 450 million consumers.
Sill, numerous characteristics of UK’s relationship with the EU in the future needs to be determined.
British Prime Minister while talking to the media said, “We have taken back control of our destiny, people said it was impossible, but we have taken back control.”
In January 2020, the UK formally left the Europen Union but the rules and regulations regarding business, trade and taxes are still unchanged.
Johnson, who has been a big supporter of Brexit, had said that since 52 percent votes were in favour of leaving the EU, there is no way he was going to accept the rules of its market after January 1.
European Commission President Ursula von der Leyen said. “But we have got a good deal to show for it. Finally, we can leave Brexit behind us and look to the future. Europe is now moving on.”