Brexit certainty at last? An overview of the new EU-UK trading relationship

Following months of protracted negotiations and coming four and a half years after the UK voted to leave the EU, 24 December 2020 saw the EU and UK finally agree the shape of their future relationship. While the Trade and Cooperation Agreement (TCA) runs over 1,200 pages, in many key areas it is essentially a framework for the substantial agreements and arrangements still to be put in place, and a number of its provisions simply mirror the position agreed under other recent EU trade agreements, for example with Japan. The primary focus is on trade in goods where zero tariffs or quotas will be imposed on goods traded between the UK and the EU, provided that they meet the applicable rules of origin.

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