U.K., EU reach historic Brexit trade deal

The Palace of Westminster.
(Image credit: DANIEL SORABJI / Contributor)

Britain and the European Union reached a historic post-Brexit trade deal Thursday, avoiding a "potentially disastrous no-deal scenario" and leaving lawmakers optimistic on trading conditions heading into the new year.

The deal, which comes nearly a year after Britain stopped being a full member of the EU and four years after Brexit was voted upon, began discussions last March, and negotiators have since endured "significant clashes over fishing, competition rules, and the governance of their new relationship." The decision comes in the 11th hour, with the final deadline set for Dec. 31.

Thanks to the agreement, exporters will likely face lower tariffs and costs, CNBC reports. The deal will now head to the British and European Parliaments in the coming weeks for ratification.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us