UK-EU trade agreement comes into force at the beginning of May
On May 1, the trade agreement between the
European Union and the United Kingdom, concluded at the end of December last
last year, regulating their trade relations after Brexit.
The EU has completed the last stage of ratification of the document - it has been
approved by the EU Council, which expresses a positive assessment of the constituent
countries of the union.
The agreement provides for trade between the parties that is not
burdened by duties and quotas. However, as the EU has repeatedly
However, as the EU has repeatedly mentioned, it will not give the UK all
benefits that it enjoyed as a member of the EU.
The trade agreement between the parties has been in force since the beginning of the year in
provisional regime because it could not be ratified before
January 1. Since May, however, it will come into full force. Britain is
one of the main trading partners of the European Union, along with
United States and China; however, it is worth noting that between
Between January and February, the union's exports to and imports from the country fell year on year
Union declined by 20 percent and 47 percent year over year, respectively.
respectively.