Given the substantial economic integration of the UK and the EU, they have committed to pursue a bold and comprehensive economic partnership. This partnership will aim to facilitate trade and investment between the UK and EU that is consistent with the principles of the EU’s Single Market and Customs Union, and with the UK’s internal market. The parties will each retain autonomy, and the partnership will recognize that the UK will develop its own trade policy. A free trade area is envisioned along with cooperation in sectors of mutual interest. The parties maintain committed to come to an agreement in the future that will permanently ensure no hard border on the island of Ireland.
“This declaration establishes the parameters of an ambitious, broad, deep and flexible partnership…rooted in the values and interests that the Union and the United Kingdom share.”
The EU and the UK seek a close trading relationship, while recognizing that the parties will have separate markets and that the cross-border movement of goods can threaten these markets’ functioning. To aid cross-border movements of goods, the parties anticipate cooperation in the areas of regulation and customs, along with provisions to ensure free and fair competition. The parties will seek to encourage compatible regulatory approaches that facilitate trade. The UK has agreed to explore alignment with EU rules in some areas. With regard to customs arrangements, the parties intend to pursue ambitious cooperative arrangements while respecting both parties’ legal orders and financial and public policy interests. Cooperative commitments on the part of the UK will count as a risk-reducing factor with regard to checks and controls by the EU.
“The future relationship will be based on a balance of rights and obligations, taking into account the principles of each Party.”
The parties agree to seek ambitious, liberalizing arrangements pertaining to trade and investment services as well as investment in non-services sectors, exceeding their World Trade Organization commitments. These arrangements will relate to business and financial services, telecommunications, transport services and others. Arrangements will provide for market access and national treatment, will cover performance requirements for investors. They should promote efficient, transparent and compatible regulatory approaches and should encourage regulatory cooperation where mutual interests exist. With regard to domestic regulation, horizontal provisions should address specific regulations for sectors that represent areas of mutual interest, such as telecommunications. With regard to financial services, the parties maintain a commitment to stability, integrity, fairness, and consumer and investor protection. The parties aim to complete equivalence assessments for each other under their respective equivalence frameworks before the end of June 2020. They have agreed to cooperate on regulatory and supervisory matters.
“The Parties are agreed that the future relationship should be approached with high ambition with regard to its scope and depth.”
The UK and EU have agreed to establish provisions for the digital trade in services and for goods that facilitate commerce and cross-border data flows. They also agree to provide for fair and equal access with regard to public telecommunications networks and services, to address anti-competitive practices and to cooperate on information exchange and best practices for emerging technologies. They agree to promote and protect intellectual property rights, maintaining the existing levels of protection. They will cooperate on intellectual property issues where mutual interests exist. With regard to public procurement, the parties agree to make provisions for mutual opportunities in their respective public procurement markets, where domestic security interests permit. They also maintain a commitment to standards regarding transparency and agree to offer processes for review and remedy in case of arbitrary selections in contract awards.
“The Parties agree to develop an ambitious, wide-ranging and balanced economic partnership.”
The UK has rejected the free movement of people between the EU and the UK. The parties have agreed on new mobility arrangements based on full reciprocity and non-discrimination among the EU’s Member States. These arrangements should not nullify the commitments they have made with respect to business-related temporary entries and stays. The parties have agreed to implement visa-free travel for short visits. They’ve also agreed to consider entry and stay conditions for research, study, training and youth exchanges, and to consider coordination of social security. The parties have agreed to investigate the possibility of facilitating border crossings for legitimate travel and to consider judicial cooperation in matters such as matrimonial and parental responsibility. The parties maintain their commitment to current international family law instruments to which they are parties. The UK intends to accede to the 2007 Hague Maintenance Convention.
“The Parties are committed to preserving financial stability, market integrity, investor and consumer protection and fair competition.”
In the area of transport, the parties agree to form a Comprehensive Air Transport Agreement to guarantee passenger and cargo air connectivity. They will also establish arrangements to maintain high standards of aviation safety and security through cooperation with each other and with EASA and the UK’s Civil Aviation Authority. They agree to take steps to ensure that freight and passenger road transport operators enjoy comparable market access. They will also give attention to arrangements for private motorist travel. They have agreed to establish bilateral arrangements for cross-border rail services. In the maritime transport sector, the international legal framework supports passenger and cargo connectivity. The parties will take steps to ensure market access for international maritime transport services. Maritime safety and security will necessitate cooperation between the UK and the EU and the exchange of information between their respective maritime safety agencies.
“The Parties recognise the importance of global cooperation to address issues of shared economic, environmental and social interest.”
In the area of energy, the parties agree to provide for competitive markets and non-discriminatory access to markets to ensure delivery of electricity and gas supplies. They will also put in place a framework to enable technical cooperation within the sector. The parties agree on the need for a broad Nuclear Cooperation Agreement between the European Atomic Energy Community and the UK, to promote cooperation between EURATOM and UK authorities. The UK will participate as a third country in the EU’s monitoring and information-exchange systems for environmental radioactivity. In the area of fishing, the parties agree to cooperate both bilaterally and internationally to promote the industry’s sustainability and the health of the marine environment. The parties recognize the necessity of a new fisheries agreement within the context of the overall economic partnership. They will undertake to conclude the agreement by 1 July 2020.
“With a view to Europe’s security and the safety of their respective citizens, the Parties should establish a broad, comprehensive and balanced security partnership.”
To ensure a level playing field for open and fair competition, the parties have agreed to establish provisions building on those articulated in the Withdrawal Agreement and aligned with their overall economic relationship. In areas such as state aid, competition, social and employment standards, environmental standards and relevant tax matters, the parties will need to define their commitments with precision. The commitments will have to articulate standards and provide mechanisms for implementation, enforcement and dispute settlement.
“The future relationship will provide for comprehensive, close, balanced and reciprocal law enforcement and judicial cooperation in criminal matters.”
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