What does the Brexit trade deal mean for the EU and the UK? | DW News

DW News published this video item, entitled “What does the Brexit trade deal mean for the EU and the UK? | DW News” – below is their description.

Much of the British press hailed it as a “Brexmas” — the deal itself more important than the details.

After months of missed deadlines and tense talks, Prime Minister Boris Johnson tried to reset the EU-UK relationship.

Reactions to the new deal varied – from relief to despair.

Fishing rights had been one of the slipperiest subjects. The final deal left the UK fishing industry disappointed. European boats will still drop nets in British waters, giving up only 25% of their catch quotas.

British exporters face new bureaucratic burdens, with business groups saying they have little time to prepare.

Travelers will no longer roam freely, facing the hassle of applying for visas and residency rights after 90 days across the Channel. And UK students will be cut off from the EU’s university exchange program, Erasmus.

The 27 EU governments and the UK parliament must now sign off on the deal by December 31st.

+++

The deal is done. A crisis: averted.

It’s a relief for both sides. After all, half of the UK’s trade is with its European neighbors. And the UK is the EU’s third largest trading partner. The talks were painful, but the alternative was worse, pushing the begrudging neighbors closer together.

Never has the European Union offered so much to a so-called “third country.” The UK has enhanced its decision-making at home but still has access to the EU market. Whereas the EU has kept a key customer for billions of euros of goods.

A lot will change come the first of January. The biggest: the UK will be out of the EU’s single market but both sides will continue to have tariff-free access to each other’s economies. Citizens from either side will no longer have the automatic right to live and work in each other’s territories. There’s likely to be delays at borders, as everyone gets used to complicated new customs systems. The UK also will stop most of its payments into the EU’s budget.

Selling British wares freely in the EU’s marketplace is the first big step, but Britain still has a monumental task ahead of it. Inside the EU, the UK had access to scores of deals. Now, Britain is on a shopping spree, bartering with partners to snap up trade pacts worldwide.

DW News YouTube Channel

Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.


About This Source - DW News

DW News is a global English-language news and information channel from German public international broadcaster Deutsche Welle, established in summer 2015.

Recent from DW News:

Congo president sworn in for second term | dw news 1

Congo president sworn in for second term | DW News

Iran Revolutionary Guards reportedly killed in airstrike in Damascus | DW News

US mulls seizing $300 billion in frozen Russian assets for Ukraine | DW News

In This Story: Brexit

Brexit is the name given to the United Kingdom’s exiting the European Union, which happened on 31 January 2020, following a narrow “Leave” referendum result in a June 2016 vote on EU Membership which took place in the country. News items related to Brexit are posted, below, chronologically, with the most recent items at the top, from a variety of outlets.

3 Recent Items: Brexit

Tempers FLARE: SLY France ‘could SOLVE illegal immigration in a heartbeat’

Northern Ireland Hit by Mass Strike of Public Workers

LIVE: PMQs today – PM Rishi Sunak answers questions in Parliament

Leave a Comment

We don't require your email address, or your name, for anyone to leave a comment. If you do add an email address, you may be notified if there are replies to your comment - we won't use it for any other purpose. Please make respectful comments, which add value, and avoid personal attacks on others. Links are not allowed in comments - 99% of spam comments, attempt to post links. Please describe where people may find additional information - for example "visit the UN website" or "search Google for..." rather than posting a link. Comments failing to adhere to these guidelines will not be published.