CNBC takes a look at what has changed in the deal.
Under the revised deal, Northern Ireland will be part of the U.K. customs territory – not the European customs region. Some U.K. lawmakers had rejected the previous deal because Northern Ireland would have been in a separate customs area from the rest of the United Kingdom.
Nonetheless, under the new deal, Northern Ireland will still have to apply certain EU rules, including on agricultural products. Northern Ireland will have to provide "democratic consent" in order for this agreement to continue to apply in the future. Specifically, the Northern Ireland assembly will be able to vote on whether to continue with this arrangement four years after the transition period ends in December 2020. According to Michel Barnier, the EU's Brexit negotiator, this democratic vote is "a cornerstone" of the newly agreed approach.
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