With the withdrawal from the EU single market and customs union on Friday night, Britain has finally left the European Union after a transition period of eleven months.
According to Reuters, representatives of Britain and the European Union finally agreed on the mechanism of bilateral trade relations on Thursday (on Christmas Eve) after several rounds of negotiations. At midnight, a post-Brexit agreement came into force to avoid a hard economic break.
British Prime Minister Johnson has described the end of the Brexit transition period as a “great moment.” In his New Year’s address, he stressed that freedom is now in our hands. Britain can now do things differently – and if necessary better than its friends in the EU, the British head of government said.
Under the post-Brexit trade deal between Britain and the European Union, London has accepted the terms of a 6660-billion-euro-a-year trade relationship with the European Union since Jan. 1.
The Brexit agreement was reached about four and a half years after the referendum, making Britain the first European country to leave the Union.
by Xavier Cuesta – European Correspondent – FN