Business & Economy

UK-EU post-Brexit trade deal comes into force

Brussels, May 1 (EFE).- The post-Brexit trade deal between the United Kingdom and the European Union formally came into force on Saturday, a few days after the European Parliament ratified the pact reached late last year.

It had been provisionally implemented since 1 January 2021, the day after the United Kingdom left the European Union.

The deal, reached on 24 December after months of tense discussions, had been pending approval by the United Kingdom’s House of Commons and the European Parliament before officially coming into force.

EU lawmakers on 28 April voted overwhelmingly in favor of the ratification, with 660 votes in favor, five against and 32 abstentions.

The final agreement and its annexes were published by the European Union’s official journal on Friday.

The main purpose of the deal is to avoid customs duty and help keep trade flow as freely as possible.

Britain officially began the process of leaving EU in March 2017, nearly a year after it held a referendum on its 47-year membership of the bloc.

UK is the first to ever EU member to leave the bloc. EFE


Related Articles

Back to top button