BRUSSELS, Dec. 29 (Xinhua) -- The European Council adopted on Tuesday the decision on the signing of the EU-UK Trade and Cooperation Agreement and its provisional application as of Jan. 1, 2021, according to a press release from the Council.

The agreement will now be signed by the two parties on Wednesday. European Council President Charles Michel and European Commission President Ursula von der Leyen will sign in Brussels on behalf of the European Union (EU) while Prime Minister Boris Johnson will sign in London on behalf of the United Kingdom, the release added.

"Next #BrexitDeal hurdle cleared: EU member states have given the final green light by written procedure to the provisional application of the EU-UK Trade &Cooperation Agreement as of 1 January 2021," Sebastian Fischer, spokesperson for the German Presidency of the EU Council, tweeted.

Next year, the Council will adopt the decision on the conclusion of the EU-UK Trade and Cooperation Agreement, once the European Parliament has given its consent and once all procedures necessary for the entry into force have been completed, according to the release.

The fast-track procedures were adopted in the EU as the post-Brexit agreement was only reached one week before the transitional period expires at the end of 2020.

The EU and the UK announced last Thursday the reaching of an agreement that will govern bilateral trade and security relationship starting from Jan. 1, 2021. The deal will need the approval of the European Parliament, the British Parliament and the EU's 27 member states.

The UK is the EU's third largest trading partner in goods, after the United States and China.