Brexit has been a hot topic of discussion since the United Kingdom voted to leave the European Union in 2016. One of the main concerns during the Brexit negotiations has been the trade agreement between the UK and the EU. After months of back and forth, an agreement was finally reached in December of 2020 – but when does it actually come into effect?
The UK officially left the EU on January 31st, 2020, but there was a transition period in place until December 31st of the same year. During this time, the UK continued to follow EU rules and regulations while negotiations for a trade agreement took place.
The agreement was finally agreed upon on December 24th, 2020, just days before the transition period ended. However, there was no time to ratify the agreement before the deadline, which meant that a provisional application had to be put in place.
The provisional application allows for the trade agreement to be applied on a provisional basis until it can be ratified by both sides. This means that while the agreement is in effect, it is not yet legally binding.
The provisional application period is set to last until February 28th, 2021. This gives both sides time to ratify the agreement before the provisional application period ends. Once the agreement is ratified, it will become legally binding and will then be in effect until December 31st, 2026.
It is important to note that while the trade agreement is in effect, there is still work to be done. The agreement covers a wide range of areas, including trade, security, and cooperation. It will take time to implement all of the provisions set out in the agreement, and there will undoubtedly be bumps in the road as both sides adjust to the new rules and regulations.
In conclusion, the Brexit trade agreement is currently in provisional application until February 28th, 2021. Once the agreement is ratified, it will become legally binding and in effect until December 31st, 2026. While the agreement is in effect, both sides will continue to work towards implementing its provisions and adjusting to the changes it brings.