The agreement was revised as part of the Johnson Department renegotiation in 2019. The amendments fit about 5% of the text.  The political declaration on the future trade relationship between the UK and the EU simply states that the parties “will consider the possibility of cooperation between the British authorities and EU agencies such as the European Medicines Agency (EMA) “. During the transitional period, the UK and the EU-27 will seek to conclude the agreement that will strengthen their trade relations after the end of the transition period. On the basis of the revised political declaration, the EU and the United Kingdom appear to be aiming for a comprehensive but “classic” free trade agreement for goods, services and investment. The political statement is thin in detail, but trade in goods will be based on a free trade agreement that will at least guarantee that there will be no tariffs or quotas, as well as some degree of regulatory alignment with the EU. However, as a result of the free trade agreement, customs controls are required, requiring each party to prove that the goods originate from their respective customs territory, in order to obtain duty-free treatment. This means that the UK and the EU-27 must now agree on detailed rules of origin. This is probably a complex and tedious process. At least companies need to think about the rules of origin they want for different products and start putting pressure on them as soon as the UK and eu start negotiating the new free trade agreement. It is encouraging to note that the scope of the future trade regime appears to encompass services, including financial services and investment (although the agreement is in turn very detailed) and that it provides assurance that the agreement on future relations will offer a liberalisation of trade in services well beyond the obligations of the United Kingdom and the WTO. The most important elements of the draft agreement are: The Northern Ireland Protocol, known as the Irish Backstop, is attached to the draft agreement of November 2018, which outlines provisions to prevent a hard border in Ireland after the UK`s withdrawal from the European Union. The protocol provided for a provision of the safety net to deal with the circumstances in which satisfactory alternative arrangements were to come into force at the end of the transition period.
This project has been replaced by a new protocol that will be described as follows. There are no details on an air services agreement between the UK and the EU.