UK and EU officially end Brexit transition

LONDON , 1 January 2021 02:47 - REGNUM The transitional period for Brexit has officially ended between the UK and the European Union. On January 1, an agreement on trade and cooperation between Brussels and London came into effect.

UK and EU officially end Brexit transition

Exactly at 00:00 CET (02:00 Moscow time), a transitional period of 11 months ended, during which the United Kingdom was subject to all the rules and benefits of the rest of the EU. The UK withdrew from the EU after 47 years of membership and 4.5 years after the Brexit referendum. Now the interaction between the EU and the UK has moved to a different level of relationship. The regulator will be an agreement on bilateral cooperation after the completion of the process of leaving the United Kingdom from the community.

The agreement between London and Brussels was concluded after several months of lengthy negotiations. Thanks to this agreement, the United Kingdom was able to avoid an exit on a much more harsh scenario. Under the terms of the deal, the UK left the single market and the EU customs union, but a free trade zone without duties and quotas will be created between the parties.

At the same time, it is noted that customs, sanitary and phytosanitary controls are being introduced between the EU and the UK, as well as additional conditions to the rules for determining the country of origin of goods.

Earlier, IA REGNUM reported that Queen Elizabeth II of Great Britain signed a bill on relations between the United Kingdom and the European Union after Brexit.