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Apr 28, 2021
Four Years of Brexit Drama End as EU Lawmakers Back Trade Deal
(Bloomberg) -- European Union lawmakers gave their approval to the post-Brexit trade accord with the U.K., marking the final step in the ratification process and the end of four years of political brinkmanship.
Members of the EU’s legislature voted to ratify the EU-U.K. Trade and Cooperation Agreement, ensuring that commerce will continue without the chaotic disruption to business a no-deal Brexit once threatened.
But the deal has left businesses grappling with additional paperwork, and it doesn’t necessarily spell an end to hostilities between the two sides. London and Brussels are still at loggerheads over how the accord will work in Northern Ireland, while the EU’s threat to jeopardize Britain’s supplies of coronavirus vaccines has soured relations.
On Tuesday, European Commission President Ursula von der Leyen warned that the bloc won’t hesitate to act if Britain breaches the terms of the trade deal.
“The agreement comes with real teeth -- with a binding dispute settlement mechanism and the possibility for unilateral remedial measures where necessary,” von der Leyen said. “We do not want to have to use these tools, but we will not hesitate to use them if necessary.”
In Bullet Points: The Key Terms of the Brexit Deal Analyzed
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