As of December 2020, the United Kingdom and the European Union finally reached an agreement on their future trade and cooperation relationship. This agreement, known as the Trade and Cooperation Agreement (TCA), outlines the terms and conditions of the UK-EU trade relationship following the UK`s departure from the bloc.
The TCA covers a wide range of areas, including trade in goods and services, investment, fisheries, and law enforcement cooperation. It is an extensive document, running to over 1,200 pages, and it is essential reading for anyone interested in the future of UK-EU relations.
One important aspect of the TCA is that it has been published in the Official Journal of the European Union (OJEU), which is the official gazette of record for the EU. This means that the TCA is now legally binding and enforceable in the EU, and it is also open to public scrutiny.
The publication of the TCA in the OJEU is a significant milestone in the UK`s relationship with the EU. It means that the terms of the agreement are clear and transparent, and that there can be no misunderstandings or disputes about what has been agreed.
For businesses operating in the UK or the EU, the TCA will have a major impact on their operations. For example, the agreement includes provisions on customs procedures, rules of origin, and product standards, which will affect import and export processes. It also includes provisions on services trade, such as financial services, transport, and professional services, which will impact businesses that operate in these sectors.
Overall, the publication of the TCA in the OJEU is a positive development for UK-EU relations. It provides clarity and transparency on the terms of the agreement, which will help to build trust and facilitate cooperation between the two sides. As the UK and EU continue to navigate their post-Brexit relationship, the TCA will be an essential tool for businesses and policymakers alike.