“The EU-Great Britain Deal Overcomes Trade Agreement With Canada” | Economy
The post-Brexit trade agreement reached by the United Kingdom and the European Union goes further than the EU-Canada trade agreement. This is reported by the BBC, which says it has the full text of the agreement concluded by Great Britain and the European Union on Thursday.
The document covers 1,246 pages, of which about 800 are appendices and footnotes, according to the BBC. Pages of the legal text outline every aspect of trade between the UK and the European Union.
British Prime Minister Boris Johnson described the last-minute deal on Thursday as a “jumbo” free trade agreement similar to the agreement between the European Union and Canada. On the face of it, the BBC reports, the entire post-Brexit deal appears to go beyond the “Canadian style” deal.
The BBC said one of the accessories reveals a late settlement of electric cars. The European Union has tried to provide duty-free access only to British cars made primarily with European parts. The British Broadcasting Corporation (BBC) said this would now be done in phases within six years, but was less generous than the UK had requested.
There is a clear commitment not to downgrade environmental standards, workers’ rights and climate change from existing standards and mechanisms to enforce them, according to the BBC. But there is also a shared right to “rebalance” the agreement if there are “significant differences” in the future that could “affect trade”.
The agreement stipulates that companies may obtain financial support in the event of natural disasters. This means that the current intensive support package from the European Union for Aviation, Space, Climate Change and Electric Vehicles, which was released due to the Corona crisis, remains intact.
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