British Prime Minister Boris Johnson on Wednesday signed a post-Brexit trade and cooperation agreement with the European Union, which will be provisionally enforced from January 1.

Johnson hailed the occasion as “an excellent agreement for our country” which would mark “the beginning of a wonderful relationship between the United Kingdom and our friends and partners in the European Union”.

The President of the European Council, Charles Michel, and the European Commission, Ursula von der Leyen, signed the agreement earlier today.

The agreement that we signed today is the result of months of intense negotiations in which the European Union has demonstrated an unprecedented level of unity. Michel said it is a fair and balanced agreement that fully protects the core interests of the European Union and creates stability and predictability for citizens and businesses.

The post-Brexit agreement will then be reviewed by the European Parliament and the Council of the European Union before it is formally ratified by the European Union.

For their part, British MPs approved by a large majority the text that Queen Elizabeth II must issue before it takes effect.