European Parliament confirms Brexit trade and cooperation

The European Parliament has finally approved the Brexit trade agreement with Great Britain. With a majority of 660 of the 697 votes cast, the vote in favour of the more than 1000-page treaty was clear. This means that it can probably enter into force on 1 May 2021.

The trade agreement had only been wrapped up after months of negotiations on Christmas Eve 2020, a week before the UK's final exit from the EU's single market and customs union As there was no time for ratification, the agreement has already been provisionally applied since 1 January 2021. And again it was a last-minute confirmation: the deadline for ratification agreed with the UK only ran until 30 April 2021.

The most important point of the treaty is to avoid tariffs and allow unlimited trade in both directions. You can find more information in our articles Trade and cooperation agreement between the EU and the United Kingdom enters into force, After Brexit - German-UK Tax Aspects and The 10 most important changes due to Brexit for VAT and customs.

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