ICYMI, at long last the UK and the European Union have concluded negotiations on a draft Trade and Cooperation Agreement on Christmas Eve afternoon.

The deal covers a wide range of issues including trade in goods and services, fish, energy and retaliation rights. More details on the deal can be found here. The deal does not cover financial services.

A handy infographic outlining what is in the deal compared to membership of the EU can be downloaded here.

Now both sides have to read, check and implement the deal before the end of 2020. The European Commission is proposing a limited “provisional application” until 28 February 2021, meaning that initially only EU Member States and the UK need to give their consent to the existing text. The process is beginning today (Christmas Day) with a meeting of EU member States ambassadors at 10:30 a.m.

The European Parliament will scrutinize and hold a vote on acceptance at the beginning of 2021.