Time has run out for the UK and the European Union (EU) in their Brexit talks. The transitional agreement has come to an end on December 31st, but the future is still somewhat unclear. Although the UK and the EU have finally agreed on a trade deal, this does not mean Brexit talks are necessarily over.
What is in the New Deal?
To ensure both sides can receive the same amount of benefits, the UK and the EU have agreed on certain standards and regulations. This new trade deal called the Trade and Cooperation Agreement (TCA), has new or revised rules for almost every sector. Take a look at some of its key points:
• There will no longer be any taxes or limits on goods traded between the UK and the EU.• New safety checks and customs declarations will be implemented.
• New restrictions will be applied to UK animal foods.
• EU pet passports will no longer be accepted.
• For UK nationals that plan on staying in the EU long-term, they will be required to obtain visas.
• European Health Insurance Cards (EHIC) will be accepted until their expiration dates.
Services and Qualifications
• Financial service organizations like banking and accounting will face certain restrictions and lose their automatic access to EU markets. The EU will determine if they are qualified to operate under UK regulations.
• Doctors, architects, and other professionals will also no longer be able to automatically cross between the EU countries and the UK.
• Over the next five years, the EU’s fishing rights in the UK waters will reduce by 25%.
• The UK has the option to ban all EU fishing boats starting in 2026, but the EU can also place taxes on British fish in response.
• The UK will have no role in the European Court of Justice (ECJ), the EU’s supreme court.
• An independent tribunal will settle disputes that cannot be solved between the EU and the UK.
Data and Security
• The UK will lose its automatic access to key security databases but can still request access.
• The UK will not be a member of the European Union Agency for Law Enforcement Cooperation (Europol).
• The UK does not have to follow the EU’s data protection rules, but data will continue to exchange like before until the UK changes its data protection rules.
Although many people weren’t enthusiastic about the new deal, they were still relieved to have avoided a no-deal Brexit. However, there are still additional rules that must be implemented. Only time will tell whether this deal will be effective on both sides or evoke another dispute.