December 24, 2020

LONDON — Britain and the European Union agreed Thursday on new Brexit trading arrangements more than four years after the U.K. voted to leave the bloc, narrowly avoiding a potentially disastrous no-deal scenario.

The two sides reached a "zero tariff-zero quota deal" which will help smooth the trade of goods across the channel. It will bring relief to exporters on both sides that had been facing higher tariffs and costs had a deal not been reached.

The trade agreement still has to be ratified by the U.K. and EU parliaments in the coming days, with a vote in Westminster due Wednesday.

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