The EU-UK Trade and Cooperation Agreement covers the following areas: trade in goods and in services, digital trade, intellectual property, public procurement, aviation and road transport, energy, fisheries, social security coordination, law enforcement and judicial cooperation in criminal matters, thematic cooperation and participation in Union programmes. It is underpinned by provisions ensuring a level playing field and respect for fundamental rights.
The Agreement will confer rights and obligations on both the EU and the UK, in full respect of their sovereignty and regulatory autonomy. It will be governed by an institutional framework on the operation and enforcement of the Agreement, as well as binding dispute settlement and enforcement mechanisms.
The EU-UK Agreement respects the principles set by the European Council in April 2017, including the need to protect the integrity of the Single Market, the indivisibility of its four freedoms, and the integrity of the EU's legal order, while ensuring that a non-member does not enjoy the same benefits as what EU membership offers.
On 1 January 2021, the United Kingdom will lose all the rights and obligations it had as an EU Member State and during the transition period under the Withdrawal Agreement. It will no longer benefit from seamless access to the EU Single Market and Customs Union, or from EU policies and international agreements (including its free trade agreements with other third countries).
This will create new barriers to trade in goods and services, and to cross-border mobility and exchanges that do not exist today – in both directions. While the new agreement will serve to limit disruptions compared to a situation without an agreement being in place, public administrations, businesses, citizens and stakeholders on both sides will inevitably be affected. The Commission has issued extensive guidance on how best to deal with these changes