Simply put, the new agreement means that Northern Ireland will apply EU customs rules. This avoids the risk of a hard border, with physical barriers and customs controls, arising on the Irish island.

On the other hand, if the agreement is approved by the British Parliament, a tariff threshold is likely to arise at the ports between Northern Ireland and the rest of the UK.

"Northern Ireland is being sacrificed for Britain to leave the EU," says James Savage, publisher responsible for The Local.

Abandoned backstop

The new agreement has thus abolished Theresa May's so-called backstop solution, which meant that the whole of the UK risked binding to the EU Customs Union if no other solution to the border issue was reached.

Under the agreement, products shipped from the UK to Northern Ireland will not be taxed automatically, but if the goods "risk" being transported to the Republic of Ireland they will be taxed, the BBC writes. How it is with goods that are shipped elsewhere is not entirely clear, but a solution, according to the BBC, could be that they are taxed and then refunded if it turns out that the products remain in the UK.

Customs duties do not affect goods sent between private individuals. There will also be no check on the luggage of private individuals.

DUP loser

The major losers in the new agreement are the Northern Ireland Party DUP, which acts as a support party for the Tories in the British Parliament.

- Their entire existence is based on the desire for Northern Ireland to be a full member of the UK, says James Savage.

- They never liked Theresa May's agreement but this is even worse, he continues.

At the same time, the new agreement will have increased influence for the Northern Ireland Legislative Assembly. After four years, the congregation will have the opportunity to vote on the new rules, which may eventually force changes.

For the exit agreement to become a reality, it must now be approved by the British Parliament holding an extra-session on Saturday. The question is whether it can become a reality without the support of the Northern Ireland DUP which has already announced that it will vote no.