Synopsis: Britain and the European Union have struck a free-trade deal as a Post-Brexit trade deal to ensure Britain and the 27-nation bloc can continue to trade in goods without tariffs or quotas .
- Brexit: It is the withdrawal of the United Kingdom from the European Union and the European Atomic Energy Community.
Key Features of the Post-Brexit trade deal:
- Trade in Goods: The agreement ensures that most goods traded between the EU and U.K. won’t face new tariffs or quotas.
- Quotas mean limits on the number of things that can be traded.
- Level Playing Field: The deal commits both sides to upholding their environmental, social, labor and tax transparency standards to make sure they don’t undercut each other. The British say the deal doesn’t include a ratchet mechanism that would force it to stiffen its rule in lockstep with the EU.
- Customs: Both sides pledge to limit customs red tape, including through programs for trusted traders known as authorized economic operators (AEOs have benefits including fewer controls).
- Dispute Settlement: Disputes on the deal must be negotiated between the EU and the U.K. with no role for the EU courts.
- Professional Services: There will no longer be automatic mutual recognition of professional qualifications like engineers, doctors etc. They will have to seek the recognition in the country they are practising.
- Mobility – freedom of movement: UK nationals no longer have the freedom to work, study, start a business or live in the EU. Visas will be required for stays over 90 days.