UK and EU agree to historic Brexit deal

On Thursday, a historic deal on the future of the United Kingdom's historic trading and security relationship with the European Union has finally been struck, a week before the end of the transition period.

As the United Kingdom exits the single market and customs union on the 31st of December, new rules pertaining to the flow of tariff-free goods and judicial cooperation will come into force.

The announcement came after a final telephonic conversation between Prime Minister Boris Johnson and Ursula von der Leyen, President of the European Commission in Brussels - the fifth conversation over the past 24 hours.

“Deal is done,” a Downing Street source said. “We have taken back control of our money, borders, laws, trade, and our fishing waters.”

“The deal is fantastic news for families and businesses in every part of the UK. We have signed the first free trade agreement based on zero tariffs and zero quotas that have ever been achieved with the EU.”

“We have delivered this great deal for the entire United Kingdom in record time, and under extremely challenging conditions, which protects the integrity of our internal market and Northern Ireland’s place within it,” the source said.

The intricately negotiated trade agreement, stretching up to 2000 pages, contains numerous provisions on a wide array of subjects, varying from civil cooperation to energy interconnections, aviation, fishing and more importantly - trade.

Several compromises have been made between the negotiating parties, including a five-and-a-half year transition period to integrate the changes, and a 25% repatriation of quotas (as agreed to be the United Kingdom), as reported by The Guardian.

Following the official announcement of the deal, the European Commission sent a draft treaty to all member states, and if all members agree to the terms of the deal, the European Union will accept the provisional application of the agreement - effective immediately from the 1st of January.

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