David Frost, the UK's chief negotiator, says the agreement is "one of the largest and most comprehensive agreements ever, covering not only trade in goods but also services, aviation, road transport, social security, health cooperation and law enforcement".
Expected to be approved before New Year
Deputy Prime Minister Michael Gove writes in the Times that the agreement will enable the UK to generate "innovation and investment for parts of the country that have endured economic downturn".
The deal is expected to be approved by a wide margin in the British Parliament on December 30, when the Labor opposition party announced that it will support the deal.
In Brussels, the European Commission has proposed that the agreement be approved in provisional form until 28 February so that the European Parliament and the European Council can also give their go-ahead.