The “bare bones agreement Brexit” refers to the deal that was signed between the United Kingdom (UK) and the European Union (EU) on December 24th, 2020. This agreement is also known as the “UK-EU Trade and Cooperation Agreement” or the “TCA.”
The bare bones agreement Brexit covers several areas, including trade, security, and cooperation. One of the primary objectives of the agreement is to establish a framework for the economic relationship between the UK and the EU now that the UK is no longer a member of the EU.
The trade aspect of the agreement covers the following:
1. Tariff-free trade between the UK and the EU: The agreement ensures that there will be no tariffs or quotas on goods traded between the UK and the EU. This means that there will be no additional charges on goods traded between the two entities.
2. Rules of origin: The agreement also establishes rules of origin for goods traded between the UK and the EU. This means that goods produced in the UK or EU will be eligible for tariff-free trade, while goods produced outside of these areas will face tariffs.
3. Services: Although the agreement does not cover the full range of services, it does provide for a degree of access for UK service providers to the EU market.
Regarding security, the agreement covers the following:
1. Law enforcement and judicial cooperation: The agreement establishes a framework for cooperation between the UK and the EU on issues related to law enforcement and judicial cooperation. This includes sharing information, joint investigations, and extradition.
2. Data protection: The agreement includes provisions for the protection of personal data that is transferred between the UK and the EU.
Finally, the agreement also covers areas such as transport, energy, and fisheries, among others.
While the bare bones agreement Brexit has been hailed as a significant achievement by both the UK and the EU, many experts believe that it falls short in certain areas. For instance, the agreement does not cover financial services, which is a major sector for the UK economy.
Furthermore, critics argue that the agreement provides only a very basic framework for the economic relationship between the UK and the EU. As such, there remains a considerable amount of uncertainty regarding the future of the UK-EU relationship.
In conclusion, the “bare bones agreement Brexit” provides a framework for the economic relationship between the UK and the EU. Although it covers several key areas, there remains considerable uncertainty regarding the future of this relationship. As such, businesses and individuals must continue to monitor developments and adjust accordingly.