Earlier, the head of the European Council Charles Michel and the head of the European Commission Ursula von der Leyen signed a document on behalf of the European Union.
British Prime Minister Boris Johnson signed a trade and cooperation agreement with the European Union on Wednesday after the kingdom left the community. The signing ceremony took place at the residence of the head of the Cabinet of Ministers at 10 Downing Street .
“This agreement marks a new era in UK-EU relations,” Johnson said as he signed the agreement. Earlier, the head of the European Council Charles Michel and the head of the European Commission Ursula von der Leyen signed a document on behalf of the European Union.
The agreement is expected to be approved by the British Parliament on Wednesday. The bill, of which the said deal is a part, has already been approved in the House of Commons, after which it passed to the upper House of Lords. The process of legislative approval of the deal is likely to be completed as early as Thursday night. In order for the bill to acquire the status of law, it must be signed by the head of state, Queen Elizabeth II. It is possible that the so-called royal assent will be issued soon after the adoption of the document by parliament, which will allow it to enter into force on January 1, when the transition period between the UK and the EU ends and the kingdom leaves the single market and the EU customs union.
On December 24, Brussels and London reached a compromise on the text of a partnership agreement after Brexit. According to Michel Barnier, the EU's chief negotiator on Brexit, the deal provides for free trade without quotas and tariffs, unrestricted access to each other's territory, sea and air space, and balanced access to marine resources. The parties intend to provide their citizens with equal access to each other's social systems. The EU and the UK refused to coordinate actions in the field of foreign policy, sanctions regimes and defense.
Brussels does not have time to ratify the 1,246-page agreement by December 31, so the parties intend to apply it from the beginning of 2021 on a temporary basis, without waiting for ratification, in order to avoid a legal vacuum in bilateral relations. The European Commission will have until the end of February to complete the entire ratification process, which will include a vote by the European Parliament.
The British voted to leave the EU in a referendum on June 23, 2016. Brexit negotiations between the UK and the EU started on June 19, 2017 and were originally scheduled for two years, but were extended several times. The UK left the EU on the night of February 1, 2020, agreeing to an 11-month transition period during which all European regulations apply to the UK, including those related to single market trading.
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