On 24 December 2020, European Commission President Ursula von Der Leyen and UK Prime Minister Boris Johnson announced that the European Union and the United Kingdom had reached an agreement on their future trading relationship. The agreement comes just a week before the UK’s transition period ends. If an agreement had not been reached, goods from the UK would be subject to WTO duties and quotas. The agreement requires the approval of all 27 EU member states, as well as the both the British and EU parliaments, although it may be provisionally applied before all approvals are obtained. The UK transition period will end on 31 December.
