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The UK and the European Union (EU) agreed on a Trade and Cooperation Agreement (TCA) on December 24, 2020. The TCA is a 1,246-page document that outlines the future relationship between the UK and the EU. It covers a wide range of areas, including trade, security, fisheries, and transport. Here is a summary of the key points:

Trade:

– The TCA allows for tariff-free and quota-free trade in goods between the UK and the EU. This means that goods can be traded without either side having to pay tariffs or limit the amount they can trade.

– However, there will be new customs procedures and checks on goods, which will increase bureaucracy and potentially cause delays.

– The agreement also includes provisions on services, such as the recognition of professional qualifications.

– There is an agreement on mutual recognition of standards and regulations, which will ease trade in some sectors.

– The UK will no longer participate in the EU`s single market and customs union, which means there will be some barriers to trade. However, the TCA does provide for cooperation on matters such as customs and regulatory issues.

Fisheries:

– The TCA includes provisions on fishing rights, which were a key sticking point in the negotiations.

– The UK will have control over its waters and can decide who can fish within its 200-mile exclusive economic zone.

– However, EU boats will still be able to fish in UK waters, but there will be new quotas and arrangements.

– There will be a transition period of five and a half years, during which EU boats will gradually give up their fishing rights in UK waters.

Security:

– The TCA includes provisions on security cooperation, such as sharing information on criminals and cooperating on counter-terrorism measures.

– However, the UK will no longer participate in some EU security programs, such as the European Arrest Warrant and the Schengen Information System.

Transport:

– The TCA includes provisions on air and road transport, which will allow for continued connectivity between the UK and the EU.

– However, there will be some new regulatory requirements for transport operators.

Overall, the Trade and Cooperation Agreement is a comprehensive document that sets out the framework for the UK`s future relationship with the EU. While it provides for tariff-free and quota-free trade, there will be new customs procedures and checks on goods, which could cause delays and increase bureaucracy. The agreement also includes provisions on fishing rights, security cooperation, and transport, among other things.