BRUSSELS/LONDON, May 1. /TASS/. The European Union and the United Kingdom have completed formal Brexit procedures, as an agreement on bilateral relations came into force at 00:00 Brussels time (01:00 Moscow time) on May 1.

"The conclusion of the trade and cooperation agreement will give legal certainty to the new EU-UK relationship, in the interests of citizens and business on both sides of the channel. We value the UK as a good neighbour, an old ally and an important partner," the Council of the EU said in a statement.

Earlier this week, the European Parliament voted in support of the document during its plenary session in Brussels. The Council of the EU ratified the deal on April 29.

The United Kingdom completed all withdrawal procedures on December 31, 2020, when Queen Elizabeth II gave Royal assent to EU Withdrawal Agreement Bill.

The 11-month transition period, during which the UK had to follow the same norms, rules and preferences as other EU members, ended on January 1. Between January 1 and May 1, the relations between London and Brussels were conducted on the basis of the yet-unratified agreement.