European Union (EU) signs post-Brexit trade deal with UK

BRUSSELS: Leaders of the European Union (EU) on Wednesday formally signed the post-Brexit trade deal with the UK.

Taking to Twitter, European Commission President Ursula von der Leyen confirmed that she and European Council President Charles Michel "signed the EU-UK Trade and Cooperation Agreement" in Brussels. "(UK) Prime Minister Boris Johnson will sign it later today in London," she said. "It has been a long road. It's time now to put Brexit behind us. Our future is made in Europe," von der Leyen added.

After months of negotiations, on December 24 the EU and the UK announced the reaching of an agreement that will govern bilateral trade and security relationship starting from January 1, 2021. The deal will need the approval of the European Parliament, the UK Parliament and the EU's 27 member states.

The free trade deal is the biggest bilateral trade deal signed by either side, covering trade worth around 668 billion pounds ($905 billion). The UK is the EU's third largest trading partner in goods, after the US and China. (IANS)

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