The United Kingdom and the European Union (EU) have reached a deal on their post-Brexit trade relations.
Reports in the UK said Prime Minister Boris Johnson is expected to confirm the deal at a press conference later.
Johnson was quoted as saying by the media that “the deal is “done.”
He said: “All of our key red lines about returning sovereignty have been achieved.”
Meanwhile, European Commission President, Ursula von der Leyen, told a press conference in Brussels that a post-Brexit deal has been sealed.
“We have finally found an agreement. It was a long and winding road, but we have got a good deal to show for it,” she said.
She said it was “fair and balanced,” adding it was “right and responsible” for the two sides to pursue the post-Brexit deal.
The deal came with only a week to go before the Brexit transition period ends on December 31.
The historic deal will mean zero tariffs and zero quotas.
The British parliament would still need to ratify the Brexit trade deal by the end of the year before it can be implemented on January 1, 2021.
The EU is likely to impose “provisional application” of the agreement until Members of the European Parliament (MEPs) vote on it in 2021.
Britain left the EU on January 31.
The two sides have been locked in talks since March to determine their future relations.