On Christmas eve, the EU and the United Kingdom struck a post-Brexit deal, after 10 months of Brexit talks. UK Prime Minister Boris Johnson and European Commission President Ursua von der Leyen announced a breakthrough.

Leyen told reporters, “So we have finally found an agreement. It was a long and winding road. But we have got a good deal to show for it. It is fair, it is a balanced deal. And it is the right and responsible thing to do for both sides.”

She thanked the British negotiators and said that although the UK would become a “third country” on December 31 it would be a trusted partner.

Von der Leyen said, “This agreement is in the United Kingdom’s interest, it will set solid foundations for a new start with a long term friend. And it means that we can finally put Brexit behind us and Europe is continuing to move forward.”

“EU rules and standards will be respected. We have effective tools to react if fair competition is distorted and impacts our trade,” she added. 

According to AFP reports, diplomatic sources said member states, in particular France, had pressed the Commission to go back to the British camp to seek specific guarantees on parts of the accord.

Earlier in the day, the British pound and Asian markets were rising on the expectation of a deal, and a French government source said UK negotiators had made “huge concessions” on fisheries — the key sticking point as the clock ticks down to Britain’s departure.

The deal, if it is confirmed, would come just days before Britain is set to leave the EU’s single market at the end of the year, sparing the two sides from trade tariffs.

Britain formally left the EU in January, nearly four years after a referendum on membership that split the nation but has had been in a transition period since then.