“The deal is closed,” Prime Minister Boris Johnson announced on Thursday.
Four and a half years after the referendum in favor of leaving the EU, the agreement sets out the terms of the United Kingdom’s future cooperation with the European Union. The business covers not only trade in goods and services, but also transport, energy, fisheries, data protection, social security, among others.
“This will create barriers to trade in goods and services and to mobility and cross-border exchanges that do not exist today – in both directions,” the European Union said in a statement.
Trade negotiations have had an obstacle in recent weeks, stumbling over the thorny issue of fishing rights.
At a news conference, European Commission President Ursula von der Leyen announced that the United Kingdom and the European Union had reached a post-Brexit trade agreement after a final round of negotiations over night. “Europe is moving forward now,” tweeted von der Leyen, calling the agreement “a fair and balanced agreement” that “protects the interests of the EU”.
At a press conference on the No10 announcement, Prime Minister Johnson hailed the deal as a success, saying, “We regain control.”
French President Emmanuel Macron, one of the first EU leaders to react to the news, also praised the feat, tweeting that “Europe is moving forward and can look to the future, united, sovereign and strong”.