After years of negotiations and political wrangling, a new Brexit agreement has finally been reached. The agreement is a comprehensive document that outlines the terms of the United Kingdom`s departure from the European Union and the future relationship between the two entities.
One of the key features of the new agreement is the establishment of a transition period. During this period, which will last until December 31, 2020, the UK will continue to be subject to EU laws and regulations. This will give businesses, citizens, and governments time to prepare for the changes that will come with Brexit. The transition period can be extended for up to two years if both sides agree to it.
Another important feature of the new agreement is the financial settlement. The UK has agreed to pay around £39 billion to settle its obligations to the EU. This includes contributions to the EU budget, payments for projects and initiatives, and other outstanding financial commitments. The exact amount will depend on various factors such as the length of the transition period and the exchange rate.
The new agreement also includes provisions for citizens` rights. UK citizens living in the EU and EU citizens living in the UK will be able to continue living and working in their respective countries. They will also be able to access healthcare, education, and other public services. The agreement also covers family members and provides for a fast-track system for obtaining residency permits.
In terms of trade, the new agreement creates a free trade area between the UK and the EU. This means that goods can be traded between the two entities without tariffs or quotas. However, there will be some regulatory barriers to trade, especially for certain sectors such as agriculture and fisheries. The agreement also includes provisions for cooperation on issues such as competition, intellectual property, and state aid.
Finally, the new agreement includes a protocol on Northern Ireland. This is designed to avoid the re-establishment of a hard border between Northern Ireland and the Republic of Ireland. Under the protocol, Northern Ireland will remain aligned with EU rules on goods and agriculture. This will require some checks and controls on goods crossing the Irish Sea.
Overall, the new Brexit agreement is a complex and detailed document that covers many different aspects of the UK`s departure from the EU. While it provides some certainty and clarity, there are still many details to be worked out and challenges to be faced in the coming months and years.