Britain and the EU have declared their intention to create a new joint free trade area. DW gives you the highlights of the 26-page text that describes how the two sides’ economic relationship will play out post-Brexit.
Britain and the European Union released a draft agreement on the country’s future relationship with the bloc once it leaves the EU on March 29.
The 26-page political declaration is a supplement to last week’s much-criticized withdrawal agreement that covers the rules of the divorce and the transition period — currently slated to last until December 2020.
The text on the post-Brexit relationship is not legally-binding but does promise “an ambitious, broad, deep and flexible partnership” that includes trade and economic cooperation, law enforcement and criminal justice, foreign policy, security, and defense.
It requires the endorsement of the 27 remaining EU members at a Brexit summit in Brussels this weekend. The details will only be worked out in further EU-UK negotiations, that can only begin after next March.
New economic partnership
The two sides have agreed to develop a free trade area that respects the integrity of the European Union’s Single Market and Customs Union as well as Britain’s internal market. The partnership will combine “deep regulatory and customs cooperation,” and will ensure “a level playing field for open and fair competition.”
The UK “will consider aligning with Union rules” where relevant to ensure a friction-free trade. The agreement also recognizes Britain’s right to pursue an independent trade policy with the rest of the world.
The two sides expect “no tariffs, fees, charges or quantitative restrictions across all sectors.” New customs arrangements, including the use of new technologies, should “obviate the need for checks on rules of origin.” The mutual recognition of trusted traders and assistance in the recovery of taxes and duties is also covered.
The text contains a specific reference to the end of the EU’s free movement of people, money, goods, and services, in the UK. Visa-free travel for short-term visits by both EU and UK nationals is mentioned, and both sides plan to consider “entry and stay” conditions for research, study, training and youth exchanges.”
Controversially for many supporters of Brexit, the European Court of Justice will maintain the role of interpreting EU law even after the transition period.
The Irish border issue, a major sticking point in negotiations over the divorce agreement, will be resolved by a permanent solution “that establishes alternative arrangements for ensuring the absence of a hard border on the island of Ireland.”
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