The UK and the European Union agreed a landmark deal Dec 24 after a final overnight push by negotiators broke the months-long Brexit deadlock.
Both sides overcame the last obstacles, fishing, subsidies and the “level playing field”, which have held up the all-or-nothing agreement for months.
The Prime Minister confirmed that a trade deal worth £660 billion a year had been reached, in a press conference on Dec 24.
Mr Johnson said that the Brexit trade deal would “drive jobs and prosperity across the UK”, and described the deal as a “giant free trade zone” which would “benefit both” the UK and the EU.
This comes just one week before the end of the transition period, which MEPs had said was not enough time to ratify it.
Read more: What has been agreed and what happens next?
What happens now that we have a deal and will it be passed before December 31?
Representatives from all 27 EU member states unanimously voted to approve the EU-UK post-Brexit trade deal, allowing the agreement to begin to take effect.
The deal must be approved by the British Parliament, but MEPs said Dec 20 was the deadline for reaching a deal they could ratify before the New Year.
To avoid trading on no-deal terms between Jan 1 and the date of ratification, EU diplomats from member states could “provisionally apply” the deal without it being ratified.
During the process of EU ratification, any one member state could veto the agreement.
EU ambassadors have given provisional approval on Dec 28 for Britain’s post-Brexit trade deal to be implemented from Jan 1, as MPs in Britain prepare to vote on the deal in a special sitting of Parliament on Dec 30.
With the Prime Minister’s majority in the Commons, the deal is expected to gain approval.
Senior Tory Brexiteers warned they expect sufficient time to go through the deal’s wording, which is expected to be up to 2,000 pages, and seek legal opinion, but any rebellion would likely be symbolic.
What will change on January 1st?
Some things will change for UK residents on Jan 1 regardless of the Brexit deal.
You will need to renew your passport to get into the EU, Switzerland, Norway, Iceland or Liechtenstein if it expires within six months or is more than 10 years old, which costs between £75.50 and £85.
The European Health Insurance Card will no longer be valid, meaning you won’t have the right to state-provided healthcare when travelling to Europe.
Tourists will be able to travel to most EU countries without a visa, so long as those countries are part of the Schengen agreement, but they will have to prove they have bought a return ticket and they have enough money for their stay.
You will need a visa if you want to stay for more than 90 days in any 180-day period.
To take a pet to Europe, owners will need to get them appropriate vaccinations and acquire an animal health certificate.
British citizens will have no automatic right to live and work in the EU, meaning they will need to apply in accordance with a country’s particular immigration rules.
Read more: When does a Brexit deal need to be done by?