On December 24, 2020, the United Kingdom and the European Union reached a new Brexit deal agreement after months of intense negotiations. This new deal replaces the previous one that was negotiated and agreed upon in 2019.

The new agreement covers a wide range of issues such as trade, customs, security, and fishing. One of the key changes is the removal of the controversial Irish backstop, which was a major stumbling block in the previous negotiations. Instead, the new agreement establishes a customs border between Northern Ireland and the rest of the UK, while at the same time ensuring that there will be no hard border between Northern Ireland and the Republic of Ireland.

The new deal also provides for continued access to each other`s markets for goods and services, without quotas or tariffs. This means that businesses on both sides will be able to trade with each other with fewer restrictions and costs. However, there will be changes to the current rules of origin, which determine the nationality of a product, and this could have an impact on some businesses.

In addition, the agreement covers issues related to security cooperation, such as the sharing of information and cooperation in law enforcement. Both sides have committed to maintaining high standards of environmental and labor protection, and the UK has agreed to continue following EU rules in certain areas such as state aid and competition.

The fishing industry was one of the most contentious issues in the negotiations. The new agreement provides for a transition period of five and a half years, during which EU fishing vessels will have access to UK waters, but with reduced quotas. After the transition period, the UK will have control over its waters, and negotiations will take place annually to determine fishing quotas.

Overall, the new Brexit deal agreement provides greater clarity and certainty for businesses and individuals on both sides of the Channel. However, there will be changes and adjustments to be made, and some sectors may be more affected than others. It is now up to both sides to implement the agreement, and to continue to work together towards a positive and constructive future relationship.