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Index – Economy – Britain’s exit from the European Union: a trade agreement approved by the European Council

The Council of Member States of the European Union on Tuesday adopted a resolution on the signing of a trade agreement between the European Union and the United Kingdom and its provisional application from 1 January 2021 under a written procedure, MTI wrote, citing a statement issued by the Brussels Commission on Tuesday. evening.

The agreement will be signed on Wednesday by Charles Michel, President of the European Council, Ursula von der Leyen, President of the European Commission in Brussels, on behalf of the European Union, and Prime Minister Boris Johnson, the UK’s representative in London. .

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Provisional implementation of the agreement has become necessary because it must also be approved by the European Parliament, which will only be possible in the new year.

The temporary implementation will allow the parties to prevent the dire consequences of the end of the transition period until January 1, which will also pose risks to citizens and businesses.

The United Kingdom withdrew from the European Union on January 31, 2020. On the day of his departure, a transition period began until December 31, with the aim of allowing time to agree on the terms of the bilateral system, in particular the Free Trade Agreement.

In negotiations since February, the heated debate between London and the European Union has been over the issue of equal opportunity and fisheries regulation, as well as over the legal tools available to enforce and punish potential breaches of the contract if an agreement is reached.

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Failure to comply with the agreement meant that trade between the United Kingdom and the European Union would continue under general rules of the World Trade Organization (WTO) from January 1, which would have entailed the introduction of tariffs in trade.