The member states of the European Union have given the green light for the trade agreement with the United Kingdom for post-Brexit, a spokesman said.
This agreement will come into effect on January 1.
EU ambassadors met in Brussels on Monday to discuss the agreement. The agreement provides for temporary tariff-free trade between the EU and the UK after leaving the European internal market at New Year’s Eve.
The European Parliament (EP) also has to approve the agreement. Since that will only happen next year, a provisional arrangement was needed to ensure no trade tariffs would apply.
The European Commission has proposed a provisional settlement until February 28 to give the EP time to review the trade deal thoroughly.
The British also have yet to ratify the agreement. The British Parliament will meet again on December 30.