The UK and EU finally strike a Brexit trade deal - Business Insider

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Breaking: The UK and EU have finally agreed a Brexit trade deal

The UK and the European Union have finally struck a Brexit trade deal.

With less than a week to go until the end of the Brexit transition period — which is 11 p.m. December 31 in London, or 12 a.m. January 1 in Brussels — negotiators said they had finally agreed on the terms a deal after weeks of intensive talks in London and Brussels. Under the terms of the agreement, there will be zero tariffs and zero quotas on goods.

It also hands Johnson a significant political victory: He came to power on a promise of "get Brexit done" and at last the dream has become reality. The Conservative party will likely revel in the achievement. But with Brexit off the table as a political and economic issue, the coming year will probably refocus Britain on Johnson's handling of the economy and the coronavirus crisis — two areas where he has underperformed.

The negotiations nearly collapsed at the end of the summer when Johnson tabled legislation designed to unpick parts of Brexit Withdrawal Agreement covering Northern Ireland. His government has admitted that going ahead with the plan would break international law, prompting fury in Brussels and attracting criticism at home.

There'll also be costly processes for exporters of food, plant, and animal goods to the EU, due to the bloc's strict health & safety rules. British fishermen are expected to gain a bigger share of fish caught in British waters as a result of the trade deal. Negotiators were also trying to reach a compromise over the length of an adjustment period during which the new rules for the fishing industry would gradually come into effect.

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Better hurry up before the new virus gets to them.

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