The key details of the Brexit deal summarised, from trade to fishing

  • Date: 31-Dec-2020
  • Source: The Telegraph
  • Sector:Economy
  • Country:Middle East
  • Who else needs to know?

The key details of the Brexit deal summarised, from trade to fishing

Governance

A new dispute resolution body, similar to those in use in trade deals around the world, will settle future disputes on whether either side has broken the terms of the deal. 

The body will consist of equal representation, with an independent arbitrator holding the balance of power so it stays politically neutral.

A demand by the EU that it should be able to impose lightning tariffs on the UK without arbitration was dropped at the last minute, meaning tariffs can only be imposed by the arbitrator.

Britain agreed that the trade and security deal, as well as the fishing agreement, be part of one overarching treaty in a clear win for Brussels. 

London was anxious about the risk of cross-sector retaliation and that, for example, parts of the trade deal could be frozen in response to a dispute over fish. Cross-sector retaliation remains possible but, in a victory for Britain, the deal is based on international law and not that set by the European Court of Justice. 

Travel

From Jan 1st, British nationals will need a visa to remain in EU countries for over 90 days in a 180 day period. EU Pet Passports will not be accepted, but owners may still travel will their pet, if