Is There a Free Trade Agreement Between the UK and the EU?
The United Kingdom officially left the European Union on January 31, 2020. Since then, the two sides have been working to negotiate a free trade agreement that will govern their future relationship. Despite ongoing negotiations, there is still no clear agreement in place.
One of the main sticking points in the negotiations has been the issue of the Northern Ireland protocol. This protocol is designed to prevent a hard border between Northern Ireland (which is part of the UK) and the Republic of Ireland (which is an EU member state). The UK has argued that the protocol is overly burdensome and would lead to significant disruptions to trade between Northern Ireland and the rest of the UK. The EU, on the other hand, has argued that the protocol is necessary to maintain the integrity of the single market.
Another key issue in the negotiations has been the role of the European Court of Justice (ECJ). The ECJ is the highest court of the EU and has the power to interpret EU law. The UK has argued that it should not be subject to the jurisdiction of the ECJ after it leaves the EU, while the EU has insisted that the UK must accept the jurisdiction of the ECJ to ensure a level playing field for businesses.
Despite the challenges, both sides have expressed a desire to reach an agreement. A free trade agreement would be beneficial for both the UK and the EU, as it would ensure that goods and services could continue to flow freely between the two sides. It would also provide businesses with much-needed certainty about the future of their trading relationships.
In the absence of a free trade agreement, the UK and the EU would be forced to trade on WTO terms. This would mean that tariffs would be imposed on goods traded between the two sides, which could lead to higher prices for consumers and disruption for businesses.
In conclusion, there is currently no free trade agreement between the UK and the EU. Negotiations are ongoing, but there are still significant challenges to be overcome. Both sides have expressed a desire to reach an agreement, and it is hoped that a deal can be reached that benefits both the UK and the EU. As the negotiations continue, businesses and consumers will be watching closely to see how the situation develops.