UK and EU reach Brexit trade deal ending months of arguments

The EU and UK have reached a post-Brexit trade deal, ending months of disagreements over fishing rights and future business rules, reports BBC.

Downing Street said, "We have got Brexit done and we can now take full advantage of the fantastic opportunities available to us."

EU chief Ursula von der Leyen said it was a "fair and balanced" deal.

In a press conference in Brussels, the European Commission president said: "This was a long and winding road but we have got a good deal to show for it.

"It is fair, it is a balanced deal, and it is the right and responsible thing to do for both sides."

She added that now was "time to turn the page and look to the future" and that the UK "remains a trusted partner."

There will be a five-and-a-half-year transition period for the fishing industry, she indicated.

And co-operation will continue on issues including climate change, energy, security and transport.

Von der Leyen said she felt "quiet satisfaction" and "relief" that a deal had been concluded.

"It is time to leave Brexit behind, our future is made in Europe," she added.

In its statement, Downing Street said, "Everything that the British public was promised during the 2016 referendum and in the general election last year is delivered by this deal.

"We have taken back control of our money, borders, laws, trade and our fishing waters."

The UK government had "delivered this great deal for the entire United Kingdom in record time, and under extremely challenging conditions," the statement added.

The deal will come as a major relief to many British businesses, already reeling from the impact of coronavirus, who feared disruption at the borders when the UK leaves EU trading rules next Thursday.