The European Parliament approved an agreement on bilateral relations between the European Union and Great Britain after the kingdom left the community. The results of the voting were announced by the coordinator of the European Parliament on “Brexit” Guy Verhofstadt. According to him, this trade and cooperation agreement is “a failure for both sides, but it is better than nothing.”
European Commission President Ursula von der Leyen and European Council President Charles Michel welcomed the positive outcome of the vote.
And while the long-term consequences of Brexit are yet to be seen, BusinessEurope, an association representing European businesses, said the ratification of the agreement would bring clarity and legal certainty to the relationship.
The British Parliament approved the deal in December. And in January, when the 11-month transition period between London and Brussels ended, the share of British exports to the EU dropped significantly.