Analysis of the UK-EU Free Trade Deal

On 31 December 2020, after 47 years of membership, the United Kingdom (UK) left the European Union (EU) with a deal that has subsequently been ratified by the UK Parliament and signed by the EU Commission President, Ursula von der Leyen. The EU Parliament will be reviewing the deal later this quarter.

This ‘Canada-style’ cross-sectoral deal represents £668billion of trade (based on 2019 figures). The UK’s Prime Minister, Boris Johnson, has said that this deal will “protect jobs across this country” by allowing goods to be sold “without tariffs and without quotas” in the EU market. Ursula von der Leyen, the European Commission’s President, has said that competition would be “fair” and that “EU standards will be respected”. She added that the UK and the EU would continue cooperating in areas of mutual interest – such as climate change, energy, security and transport.

In the below document, we summarise the key elements of the ‘Trade and Cooperation Agreement (TCA)’ for different sectors and industries.