UK Prime Minister Boris Johnson. (Photo: Xinhua/VNA)

The text includes a 1,246-page trade document, as well as agreements on nuclear energy, classified information exchanges, civil nuclear energy, and a series of joint declarations. 

Under the agreement, the UK is the only non-EU economy in the world to have the right to access the EU market in such a broad way.

The EU accepted non-tariff trade in exchange for the UK's adoption of maintaining standards of state subsidies, environment, and labors' rights to ensure a fair playing ground for EU businesses.

EU fishermen are guaranteed to access the UK’s waters during the transition period of 5 years from January 1 next year but the EU's fishing quota in British waters will be cut by 25%. 

The deal, which followed nine months of tense negotiations, is considered a meaningful Christmas gift for both sides.