(Bloomberg) — After months of dither and delay, Pm Theresa May finally spelled out in more detail the U.K’s vision for their post-Brexit partnership while using European Union.

The U.K. says the brand new relationship “could take the type appreciable link Agreement” using the EU. So stronger ties compared to a traditional free-trade arrangement, for example the EU’s with Canada, and also other terms into the bloc’s relationship with Ukraine. Although the EU has previously ruled this out, saying it’s but not on offer due to U.K.’s red lines.

Central to your blueprint can be a proposal for a new U.K.-EU “free trade area,” with interlinked customs regimes and identical regulations for industrial goods and agri-food. Britain will have more freedom to diverge on rules for the services that comprise four-fifths of economy. Here are several from the key measures outlined in Thursday’s position document, known as the White Paper:

Trade for Goods and Food

  • A U.K.-EU free trade area that establishes a frequent rule book for industrial goods and agricultural products
  • No tariffs, quotas or routine requirements for rules of origin on U.K.-EU trade
  • Britain would commit within a treaty to ongoing harmonization with EU rules on those products — a vital to keeping the Irish border open and free-flowing because checks on food and goods standards won’t be needed during that frontier
  • The document doesn’t say anything new the way to resolve the Irish border question, that’s organized progress within the negotiations. May has promised to pay a insurance policy for a “backstop” guarantee arrangement to prevent yourself from the necessity of customs checks for the border — though she says her proposals mean a backstop won’t be needed
  • The U.K. would collect tariffs on the part of the bloc. In a very signal of the imbalance inside relationship, May isn’t proposing the EU collect tariffs component the U.K.

Financial Services

  • The paper ends demands mutual recognition for each other’s regulations, instead choosing looser rules called “equivalence” which can be already available to third-party countries
  • May needs an enhanced form of those rules and proposes that some processes “would be bilaterally agreed and treaty-based,” with “a prepared consultative process of dialogue” between Britain as well as the EU and helps to maintain regulatory equivalence
  • Britain hopes to expand the plethora banking services included equivalence, and have more input on the future form of EU regulations
  • Under May’s plan, them would agree to not pursue divergent regulatory policies pertaining to financial services and consult on each others’ proposals in a initial phase. She also needs clear timelines and see periods appropriate on the scale on the change, should either party choose to withdraw equivalence

Role of European Judges

  • The White paper repeats May’s oft-said line which the role on the European Court of Justice can easily in great britan after Brexit — considered one of her key red lines
  • A “joint committee” is needed resolve disputes, as would binding independent arbitration
  • In a move that might anger Brexiteers, if there’s a dispute within the interpretation of EU rules that this U.K. has consented to follow, the ECJ could have a say while in the final outcome. Nonetheless the joint reference procedure will be controlled by “the key which the court of one party cannot resolve disputes regarding the two”
  • Where the U.K. participates inside an EU agency, it is going to accept the remit from the ECJ

Security

  • The U.K. threatens to withdraw its participation in Europol, the cross-border crime fighting agency, unless it is actually granted direct access for the databases and messaging systems with a par with its current status
  • It says that year to December 2019, the U.K. sent and received 47,000 messages through Europol channels and contains no strive to be treated as a “third country” with limited involvement. Britain was your second highest cause of the agency for analysis of significant organized crime and the second highest contributor of counter-terrorism intelligence
  • Britain also wants continued sharing of cyber-security intelligence

Immigration and Mobility

  • The document says Britain will “open and tolerant,” while ending the disposable movement of men and women. It stops wanting saying EU citizens will likely be prioritized in any future immigration system
  • There are promises to ensure students can still study in every other’s nations, companies can certainly make cross-border transfers of employees, and tourists and short-term business visitors won’t need visas
  • Britain will even look ensure U.K. and EU citizens can easily still use each other’s health services when abroad, and foreign residents can nevertheless access their pension entitlements. Irish citizens will relish “special status” dissimilar to that relate to other EU nationals

EU Agencies

  • The U.K. wants to keep playing EU agencies covering chemicals, aviation and medicines
  • Close cooperation together with the European Maritime Safety Agency
  • New arrangements for any closer connection to the Euratom nuclear regulator than almost every other non-EU country

Other

  • May proposes a “broad” system of mutual recognition of professional qualifications making sure that doctors, lawyers along with professionals from the U.K. and EU can are employed each other’s countries
  • Britain wishes to stay working in the Galileo navigation satellite program, particularly its Public Regulated Service — the encrypted navigation for government and defense purposes, in which the EU wishes to exclude Britain. The U.K. says Galileo needs to be a “core component” of future security cooperation
  • Arrangements so your free-flow of private data across borders and cooperation on digital trade and e-commerce
  • A pledge to take care of one common rulebook when using the EU on state aid, enforced in great britan with the Competition and Markets Authority
  • Continued reciprocal access for airlines
  • The U.K. can be exploring if you should leave the EU’s internal energy market, while preserving entry to interconnectors while using the continent