The European Parliament has voted on the ratification of the agreement between the European Union and the United Kingdom. The document defines the terms of trade, as well as cooperation in other areas. The document was approved by a majority vote. Only five parliamentarians voted against it.
On January 1 of this year, the United Kingdom left the European Union. By this time, the negotiators were unable to fully agree on the document and send it for ratification. However, the UK and the EU agreed to temporarily use the agreement in order to avoid serious problems in building a new relationship.
After the document is approved by the European Parliament, it should be adopted at the next EU summit. After that, the agreement will enter into force.
The terms of the agreement indicate that the UK is no longer a member of the customs union. It has left the European single market. However, the trade will continue to be conducted without the application of duties and quotas.