Series: Analytical Articles.
Author: Alejandro Buesa, Iván Kataryniuk, Pilar L’Hotellerie-Fallois and Susana Moreno.
Topics: European Union | International Economy | Spain | Economic situation.
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Abstract
On 20 December 2020 the European Union (EU) and the United Kingdom (UK) signed a Trade and Cooperation Agreement (TCA) setting the terms on which trade relations between both areas will be based. This article describes the essential points of the agreement, in both the trade and financial areas, and the governance framework that will regulate its fulfilment. It further analyses how the TCA will affect both areas’ GDP, and which adjustment measures are being taken to offset potential adverse effects.