“The clock is no longer ticking,” Michel Barnier, the EU’s chief negotiator, said after Boris Johnson confirmed that a trade deal worth £660 billion a year had been reached.
Britain and the EU have achieved a historic Christmas eve deal just days before the no-deal deadline.
“It is fair, it is a balanced deal, and it is the right and responsible thing to do for both sides,” President of the European Commission Ursula von der Leyen said of the deal.
The deal contains new rules for how the EU and the UK will live, trade and work together.
However, much of the details are yet to be released because the full document is well over 1,000 pages long.
Yet we do know that there will be no tariffs on goods that cross the borders and there are no limits on the amounts of goods traded across the channel.
The reason why the deal took so long to be agreed was due to a last-minute hitch on fishing rights.
The two parties’ negotiations had been in deadlock for months with the EU and the UK unable to agree on the finer details.
But finally, PM Johnson says the trade deal is his Christmas present to the nation as his government and the EU get the Brexit gears in motion.