What you need to know about the Bexit trade deal

Boris Johnson runs his hands through his hair

The document, made up of 1,246 pages, also contains details regarding the pair's relationship on nuclear energy and exchanging classified information, as well as a series of joint declarations.

British lawmakers have to give their approval, too, and are being summoned next week to vote on the accord.

The agreement means the two sides can leave the "ugly" Brexit process behind and to embark on a new, more hopeful era, Gove wrote in a guest comment piece in The Times published on Saturday.

Ambassadors from the member states were briefed on the contents of the deal on Friday by Michel Barnier, who led Brussels' negotiating team in the talks with the UK.

Given so few days are left until the end of the Brexit transition period on December 31, the European Parliament is expected to vote retrospectively in January.

"I have a small present for anyone who may be looking for something to read in that sleepy post-Christmas lunch moment, and here it is, tidings, glad tidings of great joy, because this is a deal", Johnson said in his video message, brandishing a sheaf of papers.

Failure to reach a free-trade agreement would mean bilateral trade would fall back on World Trade Organization rules in 2021.

Ambassadors from European member states have raised "no objections" to the UK's Brexit deal with the EU, with the agreement set to be implemented in the New Year before it is formally ratified.

Echoing the nationalistic rhetoric that featured so prominently in the Brexit referendum campaign he said: "We've taken back control of our laws and our destiny.from January 1, we are outside the customs union and outside the single market; British laws will be made exclusively by the British parliament, interpreted by the United Kingdom judges sitting in United Kingdom courts; and the jurisdiction of the European Court of Justice will come to an end".

Unlike so far, goods moving between Britain and the European Union will be subject to customs, regulatory and animal safety checks, leading to more red tape requirements.

The benefits are more than enough to make the deal a historic one, but are insufficient to end Brexit's aftermath conclusively, according to Xinhua News Agency.

Future access for European Union fisherman to Britain's rich water was one of the thorniest - and politically combustible - issues, and the last piece of the puzzle to fall into place before the deal could be announced.

There will also be different rules on product labelling as well as checks on agricultural products.

"In the end, it was clear that Boris Johnson wanted an overall trade deal and was willing to sacrifice fishing", said Barrie Deas, chief executive of the National Federation of Fishermen's Organizations.

Despite those additional costs, many British businesses who export widely across the European Union voiced relief that a deal was finally in place as it avoids the potentially cataclysmic imposition of tariffs.

The system will be phased in over 5 1/2 years, after which the quotas will be reassessed.

But, trade still won't be as smooth as it used to be for the UK.

The Prime Minister said he was "absolutely confident" the deal would protect police co-operation, the ability to catch criminals and to share intelligence across the European continent "in the way that we have done for many years".

"Without fish, there is no business", he told The Associated Press.

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