BRUSSELS, Dec. 24 (Xinhua) -- European Commission President Ursula von der Leyen said on Thursday that the bloc has reached a fair and balanced agreement with the United Kingdom, after a prolonged last-minute negotiation over the sticking points regarding the future relationship.
"We have finally found an agreement," she told a press conference at the headquarters of the European Commission.
"It was a long and winding road, but we have got a good deal to show for it," she added.
The outline of the trade agreement was said to have been reached late on Wednesday, and the negotiators have worked overnight to finalize the text of the draft agreement, which covers not only trade in goods and services, but broad areas like investment, competition, fisheries, data protection and social security, among others.
"It is fair, it is a balanced deal, and it is the right and responsible thing to do for both sides," said von der Leyen.
According to the commission, the accord reflects the fact that the UK is leaving the bloc's single market, but it will "by no means match the significant advantages that the UK enjoyed as a Member State of the EU."
A level playing field will be achieved in areas such as environmental protection, the fight against climate change and carbon pricing, social and labor rights, tax transparency and state aid, said the commission in a press release.
As part of the framework to ensure sound governance, a Joint Partnership Council will be established to make sure the agreement is properly applied and interpreted.
Both sides have agreed on the joint management of fish stocks in EU and UK waters, removing the last stumbling block in the negotiations that aim at concluding the transitional period at the end of 2020 as required by the Withdrawal Agreement.
Von der Leyen claimed that Europe can "leave Brexit behind us and look to the future," although the deal was clinched at a much later stage than expected.
Citing "exceptional circumstances," the commission proposed to apply the agreement, once approved by the EU member states, on a provisional basis for a limited period until Feb. 28, 2021.
The deal should be approved by all 27 EU member states and the European Parliament before it comes into force.
