Financial and business news from Bulgaria

Brexit trade deal comes into force

The historic post-Brexit trade deal between the European Union and Britain comes into force from today - nearly 5 years after Britons voted in favour of leaving the Union, DPA reports.
A trade deal struck at the end of December 2020 has been provisionally implemented since the start of this year to allow the European Parliament time to ratify it.

The British Parliament gave it the green light back in December. After EU lawmakers voted overwhelmingly early this week and the EU Council gave its final approval, the new rules were officially published in the European Union's official newspaper.

This was the last step before the trade agreement came into force from today - 1 May.

The contract, comprising more than 1000 pages, covers both commercial relations and competition rules, fishing agreements and future conditions for cooperation in the fields of police and justice, transport and energy.

Its main objective is to prevent tariffs and trade from proceeding as freely as possible.

Since London left the EU single market at the end of 2020, relations between Britain and the EU have been strained by disagreements over the implementation of Brexit agreements and the supply of coronavirus vaccines.

We recall, until now the EU-London trade agreement has been applied provisionally until its ratification by the European Parliament, after British MPs did so on the day of signing on 30 December 2020.

London has approved a request by Brussels for EU ratification to be postponed until 30 April.

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