International
Brexit: UK, EU Finally Reach Compromise On Trade Deal
After months of protracted negotiation and impasse, the United Kingdom (UK) and European Union (EU) have finally agree on post-brexit trade deal.
The trade agreement was reached on Thursday, seven days before the historic exit of the UK from one of the world’s most virile and largest trading blocs.
The UK quit its full membership of the EU in January after citizens voted in support of the country’s exit from the union in a referendum in June 23, 2016.
It, however, agreed to abide with European rules until the end of 2020 so it could negotiate friendlier and favuorable terms of trade with the other 27 nations.
Ekohotblog understands that the new deal will almost certainly mean lower tariffs and costs for exporters than they would have faced if the UK had left the EU without an agreement.
Ursula von der Leyen, President of the EU Commission, said it was a “good deal.”
“It has been a long and winding road but we have got a good deal to show for it.”
“It is fair, it is a balanced deal and it is the right and responsible thing to do for both sides.”
The two sides had been enmeshed in intense talks since March to fashion out both parties will conduct their trade and businesses from January onward.
In November the UK fishermen became trapped in the net of Brexit politics as both parties clashes over fishing and right to waterways.
There were also competition rules and the governance of their new relationship.
Read Also: How I Was Arrested Over 124 Times In UK – Naira Marley
The trade agreement has to be approved by the UK and EU parliaments in the coming weeks, but it’s a welcome development by businesses on both sides.
Thursday compromise officially marked the end of more than four years of what appeared to be a perennial state of economic uncertainty, and it marks the first time a member of the EU has formally withdrawn from the political bloc.
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