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Read more informationEU-UK: The EU-UK Trade Cooperation Agreement
The Trade Cooperation Treaty between the EU and the UK sets out arrangements of trade of goods and services, intellectual property, aviation, transport, digital commerce, energy, law enforcement, criminal matters, judicial cooperation, thematic cooperation, public procurement Union participation programs. The Agreement aims to preserve the relationship between the EU and UK post-Brexit.
The Agreement aims to establish ambitious cooperation on economic, social, environmental and fisheries issues through a Free Trade Agreement; maintain a close partnership concerning its citizens' security and set up a broad-gauge framework for governance. The Agreement includes:
A Free Trade Agreement
In keeping to strengthen their economic and social partnership, the Agreement covers a wide range of interests such as investment, tax transparency, sustainability, competition, social security, etc. The particulars of the said Free Trade Agreement are as follows;
Framework for Citizens' Security
The Agreement establishes a new framework for law enforcement and judicial cooperation in civil and criminal matters. It aims to tap into new operational capabilities and recognizes the need for collaboration between judicial and law enforcement authorities to fight terrorism and illegal cross-border activities. However, it is imperative to note that since the UK is no longer an EU member, it shall not be eligible for the same security facilities as before. As such, cooperation is subject to suspension in case of violations.
Governance
For clarity regarding businesses, consumers and citizens, the Agreement sets out a Chapter on governance that includes dispute settlement mechanisms, compensatory and safeguard measures, remedial and enforcement actions to ensure that the rights of businesses, consumers and all individuals are protected. It also bars either party from enforcing regulatory autonomy that may lead to unfair subsidies and distortion of competition.
Exclusions
The Agreement does not cover topics on foreign policy, external security, and defence cooperation, as of 1st January 2021. Additionally, as unilaterally decided by the EU, interests such as financial services, the UK's data protection regime, UK's sanitary and phytosanitary regime shall not be covered under the Agreement.