Exactly at 00:00 CET (02:00 Moscow time) between London and Brussels, the 11-month transition period ceased to operate. The agreement reached at the last moment made it possible to avoid a tough scenario.
Four years after the referendum, the will of the inhabitants of Great Britain was realized: the kingdom ceased to enter the single market and the customs union. After the United Kingdom leaves the European Union, their interaction will be governed by an agreement on bilateral relations.
The biggest advantage of the document, which was adopted on December 24, 2020, is the creation of a free trade zone for goods and services without quotas and tariffs. At the initiative of Britain, the agreement does not address foreign policy, security and defense cooperation.
The UK is no longer obligated to support European sanctions against third countries or repeat the EU’s response to emerging political challenges.
The agreement entered into force on a temporary basis, despite the fact that so far only Great Britain has managed to ratify it. The European Parliament and the parliaments of the 27 states of the community must simultaneously approve a document of 1246 pages. The final ratification will be completed by the Council of the EU, where representatives of all states of the Union will confirm the fact of approval of this document at their national level.New Prime Minister appointed in Moldova