The EU and UK Have Agreed on the Terms of a New Trade and Cooperation Agreement (the “Agreement”). The Agreement Covers a Number of Areas Relating to the Future Relationship Between the EU and the UK but Does not Cover the Majority of Services, Including Financial Services, in any Meaningful Way. So, Even With the Agreement, With the Current Transition Period Now Ending on 31 December 2020, On 24 December 2020, the EU and UK negotiating teams agreed on the final terms of the Agreement, which must now be ratified by the EU and UK Parliaments. While the UK Parliament is being recalled this week to vote on the ratification of the Agreement before the transition period following the UK’s withdrawal from the EU ends at 23:00 GMT on 31 December 2020, the EU Parliament will take longer to vote on the ratification of the Agreement. The EU Commission has therefore proposed to apply the Agreement on a provisional basis, until 28 February 2021, during which time it is expected the EU Parliament will approve the Agreement and formal approval by all 27 EU member states will be given in the EU Council. Unlike other trade agreements recently concluded by the EU with other countries, as the Agreement only deals with matters within the current competence of the EU, it does not require ratification by the national parliaments of EU member states.