Nikhil Thakur | May 2, 2021 | 0
European Parliament ratifies the post-Brexit trade deal
The European Parliament on April 27, 2021, ratified the post-Brexit trade deal between the European Union and the United Kingdom with an overwhelming majority. This is significant as this clears the last hurdle towards the ratification of the trade deal, which will ensure the continuation of tariff and quota-free trade.
The EU–UK Trade and Cooperation Agreement (TCA) is a free trade agreement signed in December 2020, between the EU, the European Atomic Energy Community (Euratom), and the United Kingdom (UK). The deal was ratified nearly five years after Britain decided to leave the European Union. It has already been ratified by the UK Parliament.
The Trade and Cooperation Agreement (TCA) was provisionally enacted in January 2020 in order to minimize trade disruptions between the EU and the UK. Provisional approval was set to expire on 30th April 2021, so the European Parliament’s ratification ensures that the flow of trade between the EU and the UK will continue uninterrupted.
European Parliament President David Sassoli expressed that the European Parliament decided on the most extensive understanding the EU has at any point reached with a third country. He proceeded by saying “this can form the foundation on which we build a new forward-looking EU-UK relationship.” He likewise cautioned that the individuals from the EU parliament will screen the execution of the arrangement and won’t acknowledge any descending into sin from the UK government.
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