After it formally exited the European Union on January 31 this year, the United Kingdom entered a 11-month transition period during which it continued to follow EU rules.

There is a lot riding on a successful Brexit deal for both the EU and the UK. By striking a zero-tariff and zero-quota deal, they will be able to safeguard the trade of goods between the UK and the EU, which amounts to around $1 trillion annually.

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