News, Trading

Britain and E.U. Reach Landmark Deal on Brexit

LONDON — Britain and the European Union struck a hard-fought trade agreement on Thursday, settling a bitter divorce that stretched over more than four years and setting the terms for a post-Brexit future as close neighbors living apart.

The deal, which must be ratified by the British and European Parliaments, came together in Brussels after 11 months of grinding negotiations, culminating in a last-minute haggle over fishing rights that stretched into Christmas Eve, just a week before a year-end deadline.

Despite running to thousands of pages, the agreement leaves critical parts of the relationship to be worked out later. And it will not prevent some disruption to trade across the English Channel, since British exports will still be subjected to some border checks, adding costs for companies and causing potential delays at ports.

But it is nonetheless a landmark in the long-running Brexit drama — the bookend to Britain’s departure from the European Union in January and a blueprint for how the two sides will coexist after severing deep ties built over a 47-year relationship. A failure to come to terms could have left Britain and the European Union in a bitter standoff, poisoning relations for years to come.

“It was a long and winding road, but we have got a good deal to show for it,” said Ursula von der Leyen, the president of the European Commission, the bloc’s executive arm. “This moment marks the end of a long voyage.”