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Brexit Agreement 2021

The Brexit Agreement 2021: What You Need to Know

On December 24th, 2020, the UK reached a new trade deal with the EU, just days before the end of the Brexit transition period. The agreement, which has been dubbed the “Brexit Agreement 2021,” sets out the terms of the UK’s relationship with the EU going forward. Here’s what you need to know.

The agreement covers a range of areas, including trade, security, and fisheries. On trade, the UK and the EU have agreed to eliminate tariffs and quotas on goods traded between them, subject to certain conditions. This means that goods can be traded between the UK and the EU without any extra taxes or charges, which should help to keep prices down.

However, many businesses are still grappling with the new rules and regulations that now apply to trade with the EU, such as customs procedures and certifications. This has resulted in delays at ports and increased paperwork, which has caused some disruptions to supply chains.

On security, the UK has agreed to continue to cooperate with the EU on matters such as counter-terrorism and law enforcement. The UK will also continue to participate in certain EU programmes, such as those related to research and education.

The agreement also sets out the terms of the UK’s access to EU fishing waters. Under the agreement, the UK will gradually take back control of its waters over a period of five and a half years. This has been a contentious issue, with many UK fishermen arguing that they have been disadvantaged by the EU’s Common Fisheries Policy.

Overall, the Brexit Agreement 2021 represents a compromise between the UK and the EU. It has been welcomed by some as a way of providing certainty and stability for businesses, while others have criticised it for not going far enough in certain areas.

One key issue that the agreement does not address is the UK’s access to the EU’s financial markets. This is likely to be a point of contention going forward, as the UK seeks to establish itself as a global financial hub.

In conclusion, the Brexit Agreement 2021 is a significant milestone in the UK’s relationship with the EU. While it provides some clarity on the terms of the UK’s departure, there are still many challenges to be faced as the UK charts a new course on the global stage.