On Christmas Eve, the President of the European Commission Ursula von der Leyen and the British Prime Minister Boris Johnson announced that they had reached an agreement on a future trade agreement between the European Union and the UK.

The agreement was reached literally at the last straight of the post-Brexit transition period in British-EU relations when both sides of the negotiations had already openly talked about a very high probability that the United Kingdom would eventually leave the European Union without a deal.

The new agreement will enter into force after the end of the transition period, i.e. at the beginning of 2021. From January 1, the United Kingdom will no longer be part of the customs union and the single market.

The head of the European Commission, Ursula von der Leyen, described the negotiated agreement as "fair and balanced". 

"It's a good deal," she said at a press conference on Christmas Eve afternoon. 

The President of the European Commission admitted that she felt “satisfaction and relief” with reaching an agreement.

“Many people told us that the challenges of the Covid-19 pandemic would prevent a deal and we should extend the transition period and thus cause even greater delays. That is why I am very pleased that this afternoon we finalized the free trade agreement between Great Britain and the EU, worth £660 billion," Boris Johnson said.

"This is a deal that will protect jobs as well as allow UK goods and components to be sold duty-free in the EU market," he stressed.

(EURACTIV.pl)