The UK-EU agreement aims to enhance trade relations post-Brexit, particularly benefiting food exporters by reducing barriers and red tape. While termed a breakthrough, critics note it barely dismantles existing trade barriers. Accusations of surrendering sovereignty arise due to reliance on EU standards. The relief from administrative burdens is hoped to reignite exports, which have fallen significantly since 2019. Government predictions suggest this agreement could add about £8.9 billion to the UK economy by 2040, highlighting the cautious optimism about future growth despite the deal's limited scope.
The recent UK-EU agreement marks a significant breakthrough in reducing trade barriers but still only offers limited dismantling of post-Brexit restrictions.
Producers of foodstuffs are celebrating reductions in red tape, with the agreement on SPS standards going further than anticipated to facilitate smoother trade.
Accusations of selling out on sovereignty arise as the UK agrees to adhere to EU rules for sanitary and phytosanitary standards, impacting over 1,500 products.
Predictions suggest the deal could contribute £8.9 billion to the UK economy by 2040, a modest but helpful impact on GDP.
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